Last update: Sept. 28, 2017
Media Release archive
Gap Coverage available to homebuyers throughout duration of power and service disruptions
PDF file for download (Size: 17K)
Thursday, August 22, 2003, Toronto, ON: Homebuyers whose closings were affected by last Thursday's blackout and subsequent service reductions can rely on the protection of gap coverage through the purchase of TitlePLUS title insurance coverage.
TitlePLUS aims to maintain uninterrupted service throughout any rolling blackouts or other events that may hinder real estate closings. "In times of emergency, we have always provided, and will always provide gap coverage for our customers", said Mark Farrish, Director, Sales and Marketing for TitlePLUS. "Service is our first priority, our coverage has always been uninterrupted."
Land Registry and Land Titles Offices across the province were open from 8:30 a.m. until 12:00 noon earlier this week, with business as usual resuming on Friday, August 22, 2003.
TitlePLUS recognizes the difficulties that this situation created, and in keeping with its goal to provide subscribers with superior service at all times, the company advised that gap coverage would be provided until 12:00 noon on the business day following the scheduled closing date, provided that the TitlePLUS application was pre-approved, and the transaction was scheduled to close on August 20 or 21, 2003.
From the moment the lights went out around the province, TitlePLUS users were provided with gap coverage. Gap coverage will protect the insured purchaser and lender from the time funds are released to the time closing documents are registered. For TitlePLUS purposes, the "closing date" is the day funds were released, not the registration date.
TitlePLUS was developed by the Lawyers' Professional Indemnity Company (LAWPRO) and has been used by more than 2,200 lawyers to streamline real estate transactions and improve the service and protection that home buyers receive when they buy a home. LAWPRO is a wholly Canadian-owned insurance company that is licensed to provide professional liability insurance and title insurance in numerous jurisdictions across Canada.
On or about October 2, 2017