Patrick McKenzie (patio11) reads his essay on title insurance, a service designed to never be performed with a "laughably low" 5% loss ratio compared to 50-80% for almost all types of insurance. The typical American moves every seven to eight years, paying a $500 annual tax for basically no good or service. This is due to a quirk about how America records real estate ownership: it mostly doesn’t. Confused? Welcome to the joyous anarchy that is American real estate.–Full transcript available here: <a href="https://www.complexsystemspodcast.com/the-4-000-insurance-policy-designed-to-never-pay-out/">www.complexsystemspodcast.com/the-4-000-insurance-policy-designed-to-never-pay-out/</a>–Sponsor: Framer is a design and publishing platform that collapses the toolchain between wireframes and production-ready websites. Design, iterate, and publish in one workspace. Start free at<a href="https://framer.com/design"> framer.com/design</a> with code COMPLEXSYSTEMS for a free month of Framer Pro.–Links:<ul><li>Bits about Money, Working title (insurance) <a href="https://www.bitsaboutmoney.com/archive/working-title-insurance/">https://www.bitsaboutmoney.com/archive/working-title-insurance/</a></li></ul>–Timestamps:(00:00) Intro(01:59) What is "title," anyway?(02:48) Distributed versus centralized database design in property rights(04:50) A quick digression for privacy-minded buyers(08:21) High confidence and complete confidence are different(11:28) Title insurance and title searches(14:33) One very quirky risk transfer and a statistical artifact(19:14) How title insurance is sold(20:03) Sponsor: Framer(21:34) How title insurance is sold (cont’d)(23:36) Is there anything to be done here?(25:47) Potential innovations in title insurance

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The $4,000 insurance policy designed to never pay out

Complex Systems with Patrick McKenzie (patio11)

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