Live Each Day Like It’s Your Last, Plan Like It’s Your First

Planning Brings Peace of Mind

I laughed. I’m not sure why. Maybe it was stress or the irony of what I just heard.

Have you ever laughed when it wasn’t appropriate and then felt embarrassed afterwards? In the movie Pulp Fiction John Travolta holds a gun on a man while riding in a car. The gun accidentally goes off when the car hits a bump killing the man in the backseat. The entire theater laughs and then immediately feels guilty for laughing.

“John I’m really sorry for laughing, it’s not funny,” I begged for forgiveness. I felt embarrassed.

John, (a pseudonym), let me off the hook with some understanding words. John is a lawyer and called me about a case he’s facilitating. He started off with, “Ric I need your professional opinion on something,” and went on to describe a story only Quentin Tarantino and Roger Avery could have written.

There is a husband and wife. The wife is falling ill and about to become incapacitated. In a valiant effort to protect their property, the husband takes power of attorney for his wife. Then he uses the power of attorney to vest their property in his name and later into a trust naming their soul sibling as the trustee. The idea seems noble however the law doesn’t permit the use of power of attorney for personal enrichment. Therefore the Title transfer becomes ineffective.

The ironic component of this story happens when the wife, who is expected to perish, outlived her husband who holds power of attorney over her! When John told me this I said, “John this is the place in a story where I tell people to call you!”  Irony aside, the Title has a cloud and it may or may not take a court to sort it out.

The wife did die soon after the husband and their soul surviving sibling is left to untangle the web.

After hanging up with John I pondered the consequences of improper Estate planning. Or worse I thought of the millions of property owners who have no Estate planning at all. Then I considered those who record ineffectual property transfers. It’s a good reminder to consult with an expert before recording a document on your property.

Just because the State accepts the recording fee does not guarantee the property has a clear Title.

Check with a reputable Title Company. Each state has their own laws regarding ownership of property and tax consequences. The best course of action for Estate Planning is to check with an attorney first. The worst thing you can do is – do nothing. Or doing something improperly. When you don’t have solid estate planning in place, the property will go to probate court.  There, an executor will take their piece and the state takes a chunk in taxes and court fees. What’s left for your loved ones will be far less than it would be if you have proper Estate Planning.

I’m not legally able to recommend specific Estate Planning for you. But I can certainly refer you to a few great attorneys who can.  And I can strongly encourage you to get it done – correctly!

Please feel free to leave comments.  And Remember, Sharing is Caring.  Thank you.

Note: I’m a Title Rep.  In other words, I sell Title Insurance. Comments made here are my own and do not necessarily belong to my employer; Chicago Title & Escrow.

Chicago Title has been in business for more than 160 years. It’s a company you can trust.

For more information about Title Insurance or flying airplanes, contact me directly at ric.Lippincott@ctt.com.

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Stats Be Damned. The Fear of Flying & Real Estate

Adored When Needed For Immediate Rescue

I’m standing within arms reach of a fully equipped, reasonably self-sufficient, mostly educated, all faculties operable, grown man with a full-time job and a car, who is telling me he’s afraid of flying. I’m a Certified Flight Instructor. I get this a lot.  And I understand.

“You’ve got a better chance of being struck by lightning than of crashing in a jet. In fact, you’ve got a better chance of being struck twice by lightning than of going down with one of the big commercial operators.”  The Unfriendly Skies by Willie Stern, The Weekly Standard.

The stats be damned. Math isn’t a subject most of us grasped in school. How can we be expected to embrace it later in life?  Few of us have any trouble driving our cars yet nearly 33,000 people were killed in 2010, one of the best years on our nations roads according to the NHTSA, (National Highway Transportation and Safety Administration). There were no, none, zero airline fatalities in 2010. None. See USA Today Travel. Does knowing this chase away the fear of flying? Hell no.

Real Estate is scary too, until you’ve traversed it a few times and start to understand what makes it fly. I remember buying my first condo. I knew nothing. Didn’t understand a single thing. I was told to sign here, and here, and here… and the next thing I knew I was a homeowner. I blindly bought a home.

Most of the non-pilot population will do the same thing with flying. You’re told to get onboard, fasten your seatbelt, put your stuff under the seat or in the overhead bin and turn off your phone. The next thing you know you’re in Kansas!

In Real Estate transactions I try to explain what’s going on in the simplest terms. But sometimes what I have to say isn’t what the person wants to hear. That’s when ego’s step up and logic runs for cover. Besides flight Instructing, I’m in Title, so I get to work with all sides of a Real Estate transaction. Not just the buyers and sellers, but mostly the Realtors and Lenders.

Title guys like me are similar to lifeguards on the beach. We’re hated when we’re telling people they can’t swim because the water is too rough but adored when someone is drowning and needs immediate rescue.  An astute Realtor once told me, “I don’t even think about Title unless the $*** hits the fan. Then Title suddenly becomes the most important aspect of the Real Estate transaction.” Well said.

When teaching people to overcome their fear of flying I start by showing how and why airplanes fly. And, once we get in the air, I let students take the controls and actually fly the airplane themselves. We conclude with looking out the window and enjoying the perspective few people have the privilege of experiencing. If you’ve ever flown an airplane, even if for a few short minutes, you are one of the elite. Most people in the world will never have that story to share.

There hasn’t been a nicer time to buy Real Estate than right now. Home prices are low and money is cheap. If you need someone to walk  you through it, contact me. If I can’t walk you through to your goals, I have many experts in every area of Real Estate I can refer to you. See, “Does Your Realtor / Lender Know What You Drive“.  Once you’ve signed here, here and here, look out of the window in your new home and enjoy the view. You’re now part of the American Dream.

Flying airplanes, buying a home; scary at first. But once you understand the basics it’ll become second nature. It might even become enjoyable.

Please feel free to leave comments.  And Remember, Sharing is Caring.  Thank you.

Note: Besides being a CFII, MEI, Pilot, I’m a Title Rep.  In other words, I sell Title Insurance. Comments made here are my own and do not necessarily belong to my employer; Chicago Title & Escrow.

Chicago Title has been in business for more than 160 years. It’s a company you can trust.

For more information about Title Insurance or flying airplanes, contact me directly at ric.Lippincott@ctt.com.

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Seduce Your Wicked Imagination / Reduce The Risk

Learning to Fly Brings a Sense of Freedom

If you’re anything like me, when you walked out of the DMV with your first ever drivers license in hand, you could almost see those once inhibiting metaphoric corral fences getting sucked into the ground, pushed away, and the freedom to drive – anywhere – seduced your wicked imagination.

I could drive my car anywhere. Well, I wasn’t really unbridled, not just then. I still had limits. Parents. But the possibilities were rapidly solidifying from mirage to reality. I could now feel the wanderlust right under the surface of my skin.
 
When you first get your Private Pilots license that feeling of freedom jumps to a magnitude only birds and a flier can know. The once two-dimensional ground magically morphs into a magnificent world of 3D and you’re now pals with Peter Pan on your way toward earning a seat next to the likes of Chuck Yeager.  You even have a new vocabulary. The language of flying airplanes.
 
The distance you could travel in your car, lets say driving for one hour, suddenly doubled itself with a small airplane. Your territory, now larger, sparked dreams of weekends away. Further away. To places you wouldn’t have considered going for just a weekend trip.
 
Flying airplanes spawns those kinds of dreams. And in my years of flying I’ve brought many of those wonderings to life. From airplane camping in Northern Wisconsin to weekends on Catalina Island and aerobatics in-between, flying airplanes gets into your blood and becomes a habit you’ll never fully purge, as if you’d ever want to. But there are limits. Not parents (unless you’re under age) but a host of other overseers who are there to protect us from ourselves or passengers we may innocently enchant with our magic carpets.
 

It’s not always the FAA clipping our wings.

 
The FAA (Federal Aviation Administration) has volumes of restrictions, most are clearly in our best interests.  After the FAA I’d have to say Insurance Companies play a large role. For example, if you have a pilot’s license and a valid medical certificate the FAA says you’re qualified to fly to a destination like Big Bear City where the runway is fairly short and narrow, the winds are unpredictable, and the airport is surrounded by trees. However your insurance company is going to say, “Ah, excuse me. You need to go there with a CFI (Certified Flight Instructor) first before you can go off on your own.”
 

Why would your insurance company make that a requirement when the FAA doesn’t?

 
The insurance company is managing risk. If you crash they are the ones paying the bill. So they’d like an extra layer of assurance you’re up for the challenge before they’ll issue insuance (take the bet) you can do so safely. It’s hard to blame them really.
 

Title Insurance Like Aviation Insurance

 
Back to my recent flight to Big Bear in a second. First lets take a quick look at Title Insurance. When you get a mortgage to buy property the bank is going to require you to have Title Insurance. That’s because your lender knows how much risk there can be if the Title of your property isn’t free and clear.  And un unclear Title, or clouded title, happens all too often for Title Insurance companies to recklessly take that risk. But before a Title company will issue a policy, they are going to do a thorough search of the Title chain. Why? Once again, to mitigate risk. A lot of pre-flight happens before you get the policy.
 

Would You Take This Bet?

 
Lets say you’re going to refinance a million dollar loan. The Title Insurance policy will cost approximately $1,345.  It’s a one-time cost, good for as long as you own your property. If there’s a default and a claim is made, the Title company may have to pay a one million dollar liability when they only took in $1,345.  Not a good bet!  To cover that loss the Title company will have to sell 743, one million dollar policies that will never have claims, in order to cover that one loss!  That’s why Title companies do Preliminary Title Reports before issuing policies, and that’s why Aviation Insurance Companies require rated pilots to fly with experienced flight instructors to difficult airports before allowing pilots to fly there on their own.
 

Ready For Take-Off

 
Flying Into L35 (Big Bear) Can Be Challenging

Flying Into L35 Can Be Challenging

“Shuttle One fly the runway heading, climb to and maintain 9,500′, contact SoCal on 124.7 prior to entering class Charlie airspace, squak 7220.”  The pilot I was flying with read back the instructions and the reply over the radio was familiar.  “Shuttle One read-back is correct have a nice flight.”

Before getting into the cockpit I reviewed all aspects of the flight with the flying pilot. Weather conditions, runway lengths, aircraft weight and balance, fuel requirements, take-off distances, density altitude and the affects on aircraft performance, and so on. We were well prepared to make this flight and, like a Title Company, mitigated our risk with thorough investigation.
 
The retarding forces are at max when the airplane is lined up on the runway center line and the power leavers are pushed forward. The airplane is at its heaviest (it becomes lighter as you burn off fuel) and there is rolling resistance (the coefficient of friction for that particular runway) as well as aerodynamic drag (the wind resistance against the aircraft). As the airplane accelerates rolling resistance plays the biggest role at first, but diminishes as speed is increased until rolling resistance becomes zero at Vr (rotate speed) and the wheels leave the ground.
 
Once airborne I felt, I always feel, that rush of freedom entering my bloodstream like a drug administered intravenously.  The feeling crescendos as we, the airplane and me, leave the ground and climb above the silent scream of humanities internal dialogue, the constant voice, longing for flight.
 
Please feel free to leave comments below and remember, sharing is caring. Thank you.

Note: Besides being a CFII, MEI, Pilot, I’m a Title Rep.  In other words, I sell Title Insurance. Comments made here are my own and do not necessarily belong to my employer; Chicago Title & Escrow.

Chicago Title has been in business for more than 160 years. It’s a company you can trust.

For more information about Title Insurance or flying airplanes, contact me directly at: ric.lippincott@ctt.com

 
 
 
 
 
 
 

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When The Secret Fails, Call In The Marines

Now Is the Time to be Grateful

I never was a Marine but I’ve seen Full Metal Jacket six times, about as many times as my friend has been to Afghanistan as a Marine. Frankly his enthralling stories scare the hell out of me. I’m both glad and ashamed I’ve never faced combat.

When The Secret came out I read it like everyone else. And I’m a Disciple. It’s irrefutable. Having a positive attitude has been repeatedly proven to improve performance in nearly all situations. If you want to be truly successful I vehemently encourage having a positive, grateful attitude with a splash of detachment. That way even if you fail, holding on to that strong positive attitude will cloak the failures from your friends. Totally cool, right?

But lately I’ve had misgivings about the message of positive thinking.  I’ve noticed a few of my colleagues have been spending more time thinking positive thoughts and being grateful for what little they have left – and less time rolling up their sleeves and getting to work.  So I started wondering.. what would the US Marines do?

If you need to lose weight: What would the Marines do? Would they join a Pilates class and hire a nutritionist?  Or would they do push-ups and run?

If you need to get a job: What would the Marines do? Would they go on-line and search Craig’s List?  Or would they hit the streets and storm a high-rise?

Recently a friend sent me a link to a video on YouTube that I hadn’t seen before. I’m speaking in the video along with a co-worker, Danielle Goldie, about Real Estate and the need for getting out and working. And a year after this interview with Richard Ramos I’m still saying the same thing. Get to work America!  (Watch the video.)

The best path to success is a healthy day of honest hard work. Then, when you’re about to fall asleep, think positive thoughts and be grateful you have a bed to sleep in. Some people are reading The Secret from the back seat of their car.

Please feel free to leave comments. Thank you.

Note: Besides being a CFII, MEI, Pilot, I’m a Title Rep.  In other words, I sell Title Insurance. Comments made here are my own and do not necessarily belong to my employer; Chicago Title & Escrow.

Chicago Title has been in business for more than 160 years. It’s a company you can trust.

For more information about Title Insurance or flying airplanes, contact me directly at ric.Lippincott@ctt.com.

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The Reincarnation of Bonnie and Clyde (The Modern Day Bank Robber)

A Bank Robbers Hide-A-Way

In many ways The Reincarnation of Bonnie & Clyde is a tale of bank robbery.  Instead of walking into a bank wielding a gun, the modern day bank robber uses Real Estate.

Much like the romanticized movie version of Bonnie & Clyde’s true life crime spree, I’m leaving out details because this case is presently under investigation by the FBI. What’s more I simply don’t think like a larcenist; a prerequisite for understanding the nuances of the crime I’m about to share with you.

The somewhat slow and murky work day, now commuted to early evening, hadn’t done much to help me toward my personal goals. Business was dragging as it frequently does near holidays. Tired and just hungry enough to be skeptical, iPhone alerted me to an e-mail with the familiar ‘ding’.

The e-mail, from a Real Estate Agent, simply read, “I need a Prelim on these two properties.”

A Prelim, short for Preliminary Title Report, is an extensive search on a subject property, sometimes going back 30 or more years, to determine the rightful owner without so much as a drop of ambiguity. There can’t be any unexplained breaks in the Chain of Title, liens, judgments, etc. As long as there’s no discourse a Prelim is an offer from the Title Company to insure the property. The Prelim is often the most time-consuming and expensive cost to the Title Company which, if a policy is purchased, is rolled into the cost of that policy.  But if a policy isn’t purchased the now lame-duck Prelim is nothing short of a non recoupable elephant expense.

A request for two Prelims coming from one agent can be cause for joy but in this case (I know this particular agent doesn’t normally do that kind of business) it was cause for question. I asked Siri to call the agent and like a faithful secretary she dialed the number for me. After a few simple and friendly questions I took a deep breath and ordered the Prelims. Maybe the day had been worthwhile after all.

Not so fast there sizzle britches.

Within a few days the Real Estate Agent was asking me odd questions. And I had a few questions of my own. For one thing, why was there an opened order from another Title Company on one of the two properties I was asked to search?

It took awhile to understand what was going on.  In a nutshell one of the two properties had just sold but was up for sale again. The other property was up for sale too but not having been flipped.  Another odd occurence, why was the lender on the first property calling the original owners demanding payment?  None of this made sense.

The Real Estate Agent who ordered the Prelims kept telling me the bank who loaned money on the first property was calling the original owners, demanding payment, or the bank would foreclose. But wait. Everyone knows when you sell property all liens, loans, judgments, etc., must be paid off or cleared before the property can transfer to new ownership. So why would the “old” bank be asking for payment after the closing?

I asked the Real Estate Agent why they used a smaller off-beat Title company on the first sale.  Why didn’t they just call me in the first place? This agent always uses me and I was a little surprised to see I’d been left out of the first transaction. The Agent explained the Escrow company had demanded they use the smaller Title company. Red flag. Escrow can recommend but not demand the use of a specific Title Insurance company.

Exasperated I suggested the Realtor drive to Escrow and find out what was going on.

The next phone call I got from the Real Estate Agent was sobering. The Escrow Office was shut down. Closed. Gone. Packed up and moved out. History. See ya!

Here’s what happened.

Fake Escrow gets a license for two months, opens an office, takes in as many orders as possible, directs payoff funds from legitimate banks (the new lender) to a fake lien holders (the supposed old lender), grabs the money and books out-of-town.

The perfect bank job?

There are probably others involved in this scam. Like I said, I don’t think like a larcenist so I don’t know for sure. But here’s what I do know. This type of crime is ramping up. This isn’t the first case we as Title Company’s have seen like this. As the economy languishes, people grow desperate. And when people get desperate they are more willing to believe what sounds too good to be true.

Here’s my advice.

If you’re getting involved in a Real Estate transaction today make sure the people you’re working with have the expertise necessary to watch for traps. I’m not suggesting you can’t trust someone just getting into the business, we all had to start somewhere, but if they are new in the business make sure they have a reputable, well established company behind them. The Title Insurance company you choose is probably the most important decision you’ll make during a Real Estate transaction. (See, “Does Your Realtor or Lender Know What You Drive?”)

In a perfect world the original owners of the first property would get their home back, the old lien holder will get paid from the owners on the normal payment plan, the buyers will be reimbursed by the Title Company (That’s one of the 21 reasons for having Title Insurance), the Title Company has to pay another claim and the FBI gets the bad guys.  In a perfect world.

Beware of the modern day bank robber.  They aren’t in the bank with a gun anymore!

Please feel free to leave comments. Thank you.

Note: Besides being a CFII, MEI, Pilot, I’m a Title Rep.  In other words, I sell Title Insurance. Comments made here are my own and do not necessarily belong to my employer; Chicago Title & Escrow.

Chicago Title has been in business for more than 150 years. It’s a company you can trust.

For more information about Title Insurance or flying airplanes, contact me directly at ric.Lippincott@ctt.com.

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‘Damn it! We’re going to crash. It can’t be true!’

“We’re below the glide slope and slow.” I could hear my own voice in the headset as the airplane continued to sink below where it should be on final approach to landing. My student, learning to fly a bigger twin-engine airplane, made no changes.

Don't Slip Into Denial Here

“We’re on the centerline but still below glide slope.  Our speed is critically slow.”

Nothing changed.

I looked over at my student. His eyes were fixed on the runway ahead of us, one hand on the throttle controls and the other on the yoke. He seemed frozen.

“We’re too slow.  Add power.”   Still no response.  I’m not one to inject stress or drama into a situation, preferring instead to remain level and logical.  Calmly I spoke again,  “We’re now below blue line, add power.” Another two seconds passed.  “Add power,”  I repeated myself for the third time.

Still no action from the pilot flying.  Flying slower than blue-line  at this phase of the approach means we could lose control of the airplane if something unplanned suddenly occurred.

I’m going to admit something.  The pilots lack of action fascinated me. I thought, wow, he’s in complete “denial of impact”!

Denial is one of our minds most interesting defense mechanisms.  As humans we use denial in a large variety of situations.  For example: denial of addictions.  We could go on and on about addictions but I’ll spare you.

Then there are subsets of denial, like, minimization; where one admits the problem but denies its seriousness.

And then there’s projection; admits the problem and its seriousness but denies responsibility. Children use this one a lot along with DARVO.  *DARVO is an acronym that means:

Deny, then

Attack the victim, thereby

Reversing

Victim and

Offender

*(From Wikipedia, the free encyclopedia)

It’s fascinating to see a pilot in denial but not shocking.  Denial has been cited as a contributing factor in more than a few aviation crashes. Some well documented. The following excerpt is from a book:

‘Damn it! We’re going to crash. It can’t be true!’: pilots’ chilling last few moments of confusion and denial before plane crash.

The book, Rio-Paris Crash: A Collection of Pilot Errors, written by French aviation author Jean-Pierre Otelli.

Aviation isn’t the only profession where denial causes damage.  Recently I had a conversation with a Realtor who buys properties at auction and then flips them for profit. Lets call the Realtor John.  John wanted to know about an exclusion on the Preliminary Title Report he’d never noticed before.  The Title company (not Chicago Title) indemnified itself from potential tax liens.

John. “But that’s what I want Title Insurance for, to protect me from tax liens!”

Me.  “Well John, the indemnity clause is removing that option from their offer to insure. Frankly those tax liens, especially the IRS liens, are the reason Chicago Title doesn’t always offer a policy for properties bought at auction unless we can get an SI from the foreclosed owner. There’s just too much exposure.”

John went into denial. “But they said…”

Me.  “True but they are excluding the very things that can bite you inside the redemption window. That’s why I recommend avoiding those one-off  Title Insurance companies John.”

Chicago Title has been in business for more than 160 years. It’s a publicly traded Fortune 500 company. If we offer a policy we’ll tell you up front exactly what that means. If we can’t insure we’ll tell you why before you buy.

While other come-and-go companies say they’ll insure, you’ll need to read the fine print to see what they’re really offering.

When I told John we couldn’t insure the property he was interested in out of auction, and then explained the reasons why, he found a company that said they would insure it.  I didn’t see how they could.  Turns out they were taking out the real meat of the policy in the fine print.  Thankfully John read the fine print this time and called me. I wondered if he also reads the iTunes Agreement?

Once safely on the ground we talked about the importance of flying a stabilized approach and managing airspeed. Both co-related. We also discussed the tendency for people to easily slip into denial.  “If the airplane is flying toward the runway nothing’s wrong”.  Or, “if a Title company says they’ll insure then what could go wrong”?

There are a lot of old adages but in business this one seems to offer the soundest advice. “If it sounds too good to be true then it probably is too good to be true.”

Flying has it’s share of old adages too.  One of them I like says, “A ‘good’ landing is one you can walk away from. A ‘great’ landing is when they can use the plane again”.  No matter how you land the plane… don’t go into denial about what’s going on while you’re in the air – or when you’re buying Real Estate!

Note:  Besides being a CFII, MEI, Pilot, I’m a Title Rep.  Comments made here are my own and do not necessarily belong to my employer; Chicago Title & Escrow.

For more information about Title Insurance or flying airplanes, contact me directly at ric.Lippincott@ctt.com.

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Whiskey & Guns / Risk Management In Flying and Title Insurance

Flying

Flying With Minimum Risk

The continuous stream of radio chatter crackled in my headsets. On hyper-multi-task I mentally ran the cockpit flows. Altitude indicator set, barometric pressure two niner niner two, turn coordinator checked, HSI bug set to wind direction for taxi, VOR set to localizer, frequency checked, code cross-checked.

The next radio call was for me, “Shuttle one, there are four ahead of you for take-off, would you like an intersection departure?”

Ground Control was making me an offer.

Should I take the intersection departure and reduce my hold time on the ground? Or should I reject the offer, take the twelve-minute penalty, and improve my odds of being able to handle an emergency should one come up during the take-off roll?

There’s a lot to consider.

Am I on time? Am I in a hurry? Is there someone on-board that has a time critical issue? How much fuel am I carrying? The engine is still burning fuel on the ground. Twelve minutes on the ground is twelve minutes I don’t have in the air. Is the cost of fuel an issue?
In the late 90’s I flew traffic watch. There were more than a few times when the radio traffic reporter would show up late. They’d jump in the airplane with only a few minutes before their first report was due for broadcast. We’d have no time to spare on the ground. An intersection departure might be a welcomed job saver under those circumstances.

Let’s look at the other side.

If the airplane fails during the take-off roll, having less runway means less time and distance to assess the problem and stop the airplane before running out of runway, or worse, having no other choice but to execute the take-off and carrying the problem airborne.

How much risk are you willing to accept?

I tell my flight students, “Life is all about the odds.” What are the odds you’ll be struck by lightning?  (Your Odds) Considering your age, appearance, socioeconomic status and place of residence (meaning how many available potential partners live within ten miles of you), what are the odds you’ll marry? Divorce? Get hit by a car? Catch a cold? Most importantly right now, while taxiing an airplane for take-off, what are the odds you’ll encounter a problem during the take-off phase of this flight? (crash stats)

I’m in the business of risk management. But so are you – everyday!

After leaving the airline I migrated to Title Insurance. In a lot of respects the two enterprises are similar. An airlines primary responsibility is the safe carriage of passengers and cargo. That’s – safety. Comfort and being on time, in-flight movies and wifi, are all secondary to safety.
A Title Insurance Company’s primary responsibility is the assurance there won’t be any defendable claims against a property. Most people don’t understand this but a Title company’s greatest expense goes into making sure there won’t be an issue against the Title of a property before agreeing to insure it. It’s only after doing extensive Title searches and making corrections to a property Title will a Title company insure the property.
It makes sense. If you’re going to insure against something, in other words if you’re going to accept those odds, why not do your due diligence to mitigate the risk of having to pay out on a claim? In other words, why not improve your odds of being right?
Both of my jobs are steeped in risk management. But you manage your own risk everyday. What’s your personal level of risk? Do you drink whiskey and then shoot guns?  No?  But you might speed in a car? Do you jump off cliff’s into unknown waters? Do you smoke? Sometimes we have to take risks in life in order to live. Do you think about the risks you take when you take them?

Back to the cockpit.

If I take the full length of the runway I’m going to experience a twelve-minute ground delay, accepting all the bad stuff that goes with it.   If I take the intersection departure I’ll cut that bad stuff out but I’ll also decrease the odds of getting the aircraft stopped on the runway should something go wrong. The airport is surrounded by houses. There just aren’t a lot of places to land once the runway is behind you in the big city. And I’m afraid of fire.
I cracked the mic switch open and made my decision, “Shuttle one: we’ll accept the wait for the full length.”
I’m one of those guys who will accept a manageable risk but I won’t take on a risk I could easily mitigate. I want to set the odds in my favor whenever possible. I want the full length of the runway when it’s available to me. And I want my Title Insurance to come from a reputable company, because my house is the largest investment I have, second only to my own life and the lives of those who trust me to fly them in an airplane.

Note: Besides being a CFII, MEI, Pilot, I’m a Title Rep.  In other words, I sell Title Insurance. Comments made here are my own and do not necessarily belong to my employer; Chicago Title & Escrow.

For more information about Title Insurance or flying airplanes, contact me directly at ric.Lippincott@ctt.com.

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