627.792

Liability of title insurers for defalcation by title insurance agents or agencies.

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627.792 Liability of title insurers for defalcation by title insurance agents or agencies.—A title insurer is liable for the defalcation, conversion, or misappropriation by a licensed title insurance agent or agency of funds held in trust by the agent or agency pursuant to s. 626.8473. If the agent or agency is an agent or agency for two or more title insurers, any liability shall be borne by the title insurer upon which a title insurance commitment or policy was issued prior to the illegal act. If no commitment or policy was issued, each title insurer represented by the agent or agency at the time of the illegal act shares in the liability in the same proportion that the premium remitted to it by the agent or agency during the 1-year period before the illegal act bears to the total premium remitted to all title insurers by the agent or agency during the same time period.

History.—s. 25, ch. 85-185; s. 1, ch. 86-81; s. 1, ch. 86-286; ss. 107, 114, ch. 92-318; s. 21, ch. 99-286.

Notes of Decisions

Cited in 4 cases, 2000–2010 · leading case: Hechtman v. Nations Title Ins. of New York

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Hechtman v. Nations Title Ins. of New York (2003) fla · cites it 15× “" § 627.792, Fla. Stat. (1997). Not all title insurance transactions involve funds held in trust pursuant to section 626.”

Hechtman v. NATIONS TITLE INS. OF NY., INC. (2000) fladistctapp · cites it 17× “It is all the more incongruous to suppose that the legislature meant to, and did, achieve this result by the entirely offhanded method of providing (a) that the statute applies only to a "licensed title insurance agent," see § 627.”

Winkler v. Lawyers Title Insurance Corp. (2010) fladistctapp · cites it 8× “Gallo (collectively “appellants”) appeal a final declaratory judgment finding that the appel-lee, Lawyers Title Insurance Corporation (“Lawyers Title”), was not liable under section 627.792, Florida Statutes (2009), for the alleged misappropriation of the appellants’ escrow…”

Cohen v. Chicago Title Insurance Co. (2010) fladistctapp · cites it 10× “Count I of the complaint sought a return of the deposits pursuant to section 627.792, Florida Statutes (2008).”

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