Reserves for Claims (Tables)

12 Months Ended

Dec. 31, 2013

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Summary Of Transactions In Reserves For Claims

Changes in the reserves for claims for the years ended December 31 are summarized as follows based on the year in which the policies were written:



	2013			2012			2011
Balance, beginning of period	$	39,078,000		$	37,996,000		$	38,198,700
Provisions related to:
Current year	7,239,628			7,650,959			6,845,338
Prior year	(7,811,224		)	(1,578,844		)	(3,502,911		)
Total provision charged to operations	(571,596		)	6,072,115			3,342,427
Claims paid, net of recoveries, related to:
Current year	(110,240		)	(76,288		)	(305,079		)
Prior year	(3,036,164		)	(4,913,827		)	(3,240,048		)
Total claims paid, net of recoveries	(3,146,404		)	(4,990,115		)	(3,545,127		)
Balance, end of year	$	35,360,000		$	39,078,000		$	37,996,000

Summary Of The Company's Loss Reserves

A summary of the Company’s loss reserves, broken down into its components of known title claims and IBNR, follows:



	2013		%	2012		%
Known title claims	$	4,670,809	13.2	$	5,166,370	13.2
IBNR	30,689,191		86.8	33,911,630		86.8
Total loss reserves	$	35,360,000	100.0	$	39,078,000	100.0

- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

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