Title Insurance Protocol

Title insurance can protect you if someone later sues and says they have a claim against the home from before you purchased it.

Legal claims could come from a previous owner's failure to pay taxes, or from contractors who say they were not paid for work done on the home before you purchased it.

It is 20 billion market in the US.

The decentralized protocol that can bring the following advantages:

1. Decentralization and Trust
2. Reduced Costs
3. Transparency
4. Automated Processes
5. Profit Sharing

According to the American Land Title Association (ALTA), title insurance companies paid out about 4-5% of their total premiums in claims in recent years leading up to 2022. This is a sharp contrast to other property-casualty insurance lines, which may have a payout rate upwards of 80%.

This low claims rate is because the bulk of a title company's work and costs are in preventing claims in the first place. This is achieved through a thorough title search and examination to resolve potential issues before the policy is issued.

Roughly speaking, for every dollar spent on title insurance:

• 70-80 cents go toward title search, examination, and curing title defects.
• 4-5 cents are paid out in claims.
• The remaining 15-25 cents covers business operations, which include general administrative costs, selling and marketing expenses, and profit.

Below is the showcast of the main functionality.

export PK1="0xac0974bec39a17e36ba4a6b4d238ff944bacb478cbed5efcae784d7bf4f2ff80"
export PK2="0x59c6995e998f97a5a0044966f0945389dc9e86dae88c7a8412f4603b6b78690d"
export PK3="0x5de4111afa1a4b94908f83103eb1f1706367c2e68ca870fc3fb9a804cdab365a"
export A1=0xf39Fd6e51aad88F6F4ce6aB8827279cffFb92266
export A2=0x70997970C51812dc3A010C7d01b50e0d17dc79C8
export A3=0x3C44CdDdB6a900fa2b585dd299e03d12FA4293BC

export INITIAL_OWNER="0xf39Fd6e51aad88F6F4ce6aB8827279cffFb92266"
forge create --rpc-url http://localhost:8545 \
             --constructor-args $INITIAL_OWNER \
             --private-key $PK1 \
             src/Title.sol:Title

export TITLE="0x5FbDB2315678afecb367f032d93F642f64180aa3"

# safeMint(address to, string memory uri) Title
cast send --private-key $PK1 $TITLE "safeMint(address,string)" $A1 ipfs://... --rpc-url http://127.0.0.1:8545/
cast send --private-key $PK1 $TITLE "safeMint(address,string)" $A2 ipfs://... --rpc-url http://127.0.0.1:8545/
cast send --private-key $PK1 $TITLE "safeMint(address,string)" $A3 ipfs://... --rpc-url http://127.0.0.1:8545/

forge create --rpc-url http://localhost:8545 \
             --constructor-args $INITIAL_OWNER \
             --private-key $PK1 \
             src/Property.sol:Property

export PROPERTY="0xDc64a140Aa3E981100a9becA4E685f962f0cF6C9"

# safeMint(address to, string memory uri) Property
cast send --private-key $PK1 $PROPERTY "safeMint(address,string)" $A1 ipfs://... --rpc-url http://127.0.0.1:8545/
cast send --private-key $PK1 $PROPERTY "safeMint(address,string)" $A2 ipfs://... --rpc-url http://127.0.0.1:8545/
cast send --private-key $PK1 $PROPERTY "safeMint(address,string)" $A3 ipfs://... --rpc-url http://127.0.0.1:8545/


forge create --rpc-url http://localhost:8545 \
             --constructor-args $TITLE $PROPERTY $INITIAL_OWNER \
             --private-key $PK1 \
             src/TitleInsurance.sol:TitleInsurance

export TI="0x2279B7A0a67DB372996a5FaB50D91eAA73d2eBe6"

cast send --private-key $PK1 $TI "backPool()" --value 0.01ether
cast send --private-key $PK2 $TI "backPool()" --value 0.01ether
cast send --private-key $PK3 $TI "backPool()" --value 0.01ether

# createPolicy(uint256 owner, uint256 propertyId, uint256 premiumAmount, uint256 coverAmount)
cast send --private-key $PK1 $TI "createPolicy(address,uint256,uint256,uint256)" $A2 2 0.01ether 10ether --rpc-url http://127.0.0.1:8545/
cast send --private-key $PK1 $TI "createPolicy(address,uint256,uint256,uint256)" $A3 2 0.01ether 10ether --rpc-url http://127.0.0.1:8545/

# payPremium(uint256 policyId)
cast send --private-key $PK2 $TI "payPremium(uint256)" 1 --value 0.01ether --rpc-url http://127.0.0.1:8545/
cast send --private-key $PK3 $TI "payPremium(uint256)" 2 --value 0.01ether --rpc-url http://127.0.0.1:8545/


# withdrawInterest()
cast send --private-key $PK3 $TI "withdrawInterest()" --rpc-url http://127.0.0.1:8545/
# Error: No interest so far

# terminatePolicy(uint256 policyId)
cast send --private-key $PK1 $TI "terminatePolicy(uint256)" 1 --rpc-url http://127.0.0.1:8545/

# withdrawInterest()
cast send --private-key $PK3 $TI "withdrawInterest()" --rpc-url http://127.0.0.1:8545/
# There is interest!