First American Title Insurance Company, a California Corporation, Plaintiff/appellee v. Johnson Ba — Bales, J…

Summary

The dissent agrees that the title insurance policy is facially ambiguous about when to measure an insured lender's loss, but would resolve the ambiguity by measuring loss at foreclosure. It reasons that title insurance is indemnity rather than a guarantee of title, and that neither the policy nor Arizona's statutory framework imposed a duty on the insurer to discover or disclose title defects before the lender made its loans. Because this is a dissent, it has no binding holding or disposition; the dissent would reject measuring loss at policy issuance.