XML 43 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6

Investments In Securities And Fair Value (Tables)

12 Months Ended

Dec. 31, 2012

Investments In Securities And Fair Value [Abstract]

Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities

				Gross		Gross		Estimated
		Amortized		Unrealized		Unrealized		Fair
December 31, 2012		Cost		Gains		Losses		Value
Fixed maturities, available-for-sale, at fair value-
General obligations of U.S. States, territories
and political subdivisions	$	38,658,463	$	3,211,445	$	0	$	41,869,908
Issuer obligations of U.S. States, territories and
political subdivisions special revenue		18,933,299		1,909,106		10,455		20,831,950
Corporate debt securities		17,064,697		1,252,973		14,750		18,302,920
Auction rate securities		917,214		14,986		0		932,200
Total	$	75,573,673	$	6,388,510	$	25,205	$	81,936,978
Equity securities, available-for-sale at fair value-
Common stocks and nonredeemable preferred stocks	$	21,229,114	$	7,373,056	$	91,237	$	28,510,933
Total	$	21,229,114	$	7,373,056	$	91,237	$	28,510,933
Short-term investments-
Certificates of deposit and other	$	13,567,648	$	0	$	0	$	13,567,648
Total	$	13,567,648	$	0	$	0	$	13,567,648

				Gross		Gross		Estimated
		Amortized		Unrealized		Unrealized		Fair
December 31, 2011		Cost		Gains		Losses		Value
Fixed maturities, available-for-sale, at fair value-
General obligations of U.S. States, territories
and political subdivisions	$	41,469,367	$	3,595,144	$	64	$	45,064,447
Issuer obligations of U.S. States, territories and
political subdivisions special revenue		20,573,562		1,988,589		13,805		22,548,346
Corporate debt securities		12,188,639		1,202,149		148,616		13,242,172
Auction rate securities		4,552,400		0		0		4,552,400
Total	$	78,783,968	$	6,785,882	$	162,485	$	85,407,365
Equity securities, available-for sale at fair value-
Common stocks and nonredeemable preferred stocks	$	17,652,745	$	4,939,053	$	41,823	$	22,549,975
Total	$	17,652,745	$	4,939,053	$	41,823	$	22,549,975
Short-term investments-
Certificates of deposit and other	$	14,112,262	$	0	$	0	$	14,112,262
Total	$	14,112,262	$	0	$	0	$	14,112,262

Schedule Of Fixed Maturity Securities

		Available-for-Sale
		Amortized		Fair
		Cost		Value
Due in one year or less	$	8,717,614	$	8,851,190
Due after one year through five years		49,575,672		53,834,059
Due five years through ten years		14,328,875		15,800,393
Due after ten years		2,951,512		3,451,336
Total	$	75,573,673	$	81,936,978

Schedule Of Earnings On Investments

		2012		2011
Fixed maturities	$	3,154,131	$	3,233,988
Equity securities		815,674		347,843
Invested cash and other short-term investments		10,576		12,725
Miscellaneous interest		30		480
Investment income	$	3,980,411	$	3,595,036

Schedule Of Gross Realized Gains And Losses On Securities

		2012			2011
Gross realized gains:
General obligations of U.S. States, territories and political subdivisions	$	250		$	386
Corporate		52,396			20,459
Common stocks and nonredeemable preferred stocks		450,461			529,811
Auction rate securities		211,061			43,199
Total		714,168			593,855
Gross realized losses:
Common stocks and nonredeemable preferred stocks		(91,975	)		(247,117	)
Other than temporary impairment of securities		(93,436	)		(280,987	)
Total		(185,411	)		(528,104	)
Net realized gain	$	528,757		$	65,751

Schedule Of Unrealized Losses On Investments

		Less than 12 Months					12 Months or Longer					Total
December 31, 2012		Fair Value	Unrealized Loss				Fair Value	Unrealized Loss				Fair Value	Unrealized Loss
Issuer obligations of U.S.
States, territories and
political subdivisions
special revenue	$	1,236,906	$	(10,455	)	$	0	$	0		$	1,236,906	$	(10,455	)
Corporate debt securities		985,250		(14,750	)		0		0			985,250		(14,750	)
Total fixed maturity
securities	$	2,222,156	$	(25,205	)	$	0	$	0		$	2,222,156	$	(25,205	)
Equity securities		2,551,215		(91,237	)		0		0			2,551,215		(91,237	)
Total temporarily
impaired securities	$	4,773,371	$	(116,442	)	$	0	$	0		$	4,773,371	$	(116,442	)
December 31, 2011
General obligations of
U.S. States, territories
and political
subdivisions	$	663,666	$	(64	)	$	0	$	0		$	663,666	$	(64	)
Issuer obligations of U.S.
States, territories and
political subdivisions
special revenue		0		0			1,023,180		(13,805	)		1,023,180		(13,805	)
Corporate debt securities		3,015,769		(148,616	)		0		0			3,015,769		(148,616	)
Total fixed maturity
securities	$	3,679,435	$	(148,680	)	$	1,023,180	$	(13,805	)	$	4,702,615	$	(162,485	)
Equity securities		957,072		(40,893	)		104,130		(930	)		1,061,202		(41,823	)
Total temporarily
impaired securities	$	4,636,507	$	(189,573	)	$	1,127,310	$	(14,735	)	$	5,763,817	$	(204,308	)

Schedule Of Assumptions Used To Determine Fair Value

	2012		2011
Cumulative probability of earning maximum rate until maturity	0.0	%	0.0-0.1	%
Cumulative probability of principle returned prior to maturity	96.1	%	95.4-98.7%
Cumulative probability of default at some future point	3.9	%	1.3-4.6	%

Schedule Of Fair Value Assets Measured On Recurring Basis

As of December 31, 2012		Level 1		Level 2		Level 3		Total
Short Term	$	13,567,648	$	0	$	0	$	13,567,648
Equity Securities
Common stock and nonredeemable preferred stock		28,510,933		0		0		28,510,933
Fixed Maturities
Obligations of U.S. States, territories and political subdivisions*		0		62,701,858		0		62,701,858
Corporate debt securities*		0		18,302,920		932,200		19,235,120
Total	$	42,078,581	$	81,004,778	$	932,200	$	124,015,559

As of December 31, 2011		Level 1		Level 2		Level 3		Total
Short Term	$	14,112,262	$	0	$	0	$	14,112,262
Equity Securities
Common stock and nonredeemable preferred stock		22,549,975		0		0		22,549,975
Fixed Maturities
Obligations of U.S. States, territories and political subdivisions*		0		67,612,793		1,834,700		69,447,493
Corporate debt securities*		0		13,242,172		2,717,700		15,959,872
Total	$	36,662,237	$	80,854,965	$	4,552,400	$	122,069,602

*Denotes fair market value obtained from pricing services.

Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed

As of December 31, 2012:

				Estimated Fair
Financial Assets		Carrying Value		Value		Level 1	Level 2			Level 3
Cash	$	20,810,018	$	20,810,018	$	20,810,018	$	0	$	0
Cost-basis investments		1,871,315		1,952,323		0		0		1,952,323
Accrued dividends and interest		1,037,447		1,037,447		1,037,447		0		0
Total	$	23,718,780	$	23,799,788	$	21,847,465	$	0	$	1,952,323
Financial Liabilities
Contingent consideration	$	691,250	$	691,250	$	0	$	0	$	691,250
Total	$	691,250	$	691,250	$	0	$	0	$	691,250

As of December 31, 2011:

				Estimated Fair
Financial Assets		Carrying Value		Value		Level 1	Level 2			Level 3
Cash	$	18,042,258	$	18,042,258	$	18,042,258	$	0	$	0
Cost-basis investments		1,303,887		1,688,262		0		0		1,688,262
Accrued dividends and interest		1,108,156		1,108,156		1,108,156		0		0
Total	$	20,454,301	$	20,838,676	$	19,150,414	$	0	$	1,688,262

Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation

Changes in fair value during the year ended December 31:		2012			2011
Beginning balance at January 1	$	4,552,400		$	5,472,244
Redemptions and sales		(3,900,000	)		(900,000	)
Realized gain – included in net realized gain on investments		211,061			43,199
Realized loss – included in net realized gain on investments		0			(101,861	)
Unrealized gain - included in other comprehensive income		68,739			38,818
Ending balance at December 31	$	932,200		$	4,552,400

Schedule Of Changing In Fair Value Of Liabilities On Recurring Basis Using Significant Unobservable Inputs

Changes in fair value during the period ended:		2012		2011
Beginning balance at January 1	$	-	$	-
Addition of contingent consideration		691,250		-
Ending balance, net	$	691,250	$	-

Schedule Of Estimated Fair Value Hierarchy Of Investments And Related Impairments Recognized

										Total at
										Estimated
	Valuation									Fair		Impairment
December 31, 2012	Method	Impaired	Level 1			Level 2		Level 3		Value		Losses
Cost method
investments	Fair Value	Yes	$	0	$	0	$	36,406	$	36,406	$	(6,504	)
Other assets	Fair Value	Yes		0		0		0		0		0
Total cost method
investments and
other assets			$	0	$	0	$	36,406	$	36,406	$	(6,504	)
										Total at
	Valuation									Estimated		Impairment
December 31, 2011	Method	Impaired	Level 1			Level 2		Level 3		Fair Value		Losses
Cost method
investments	Fair Value	Yes	$	0	$	0	$	58,281	$	58,281	$	(28,904	)
Other assets	Fair Value	Yes		0		0		17,000		17,000		(15,500	)
Total cost method
investments and other
assets			$	0	$	0	$	75,281	$	75,281	$	(44,404	)

X

- Definition

Schedule Of Changing In Fair Value Of Liabilities On Recurring Basis Using Significant Unobservable Inputs [Table Text Block]

+ References

No definition available.

+ Details

Name:	itic_ScheduleOfChangingInFairValueOfLiabilitiesOnRecurringBasisUsingSignificantUnobservableInputsTableTextBlock
Namespace Prefix:	itic_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19296-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a),(b)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS115-1/124-1

-Paragraph 13, 14, 15, 16

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 14, 16

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.8)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.9)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.7(a),(b))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name:	us-gaap_InvestmentIncomeTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 140

-Paragraph 17

-Subparagraph i(2)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 860

-SubTopic 20

-Section 50

-Paragraph 4

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=13989330&loc=d3e107314-111719

+ Details

Name:	us-gaap_ScheduleOfAssumptionsForFairValueAsOfBalanceSheetDateOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrServicingLiabilitiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

+ Details

Name:	us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

+ Details

Name:	us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of unrealized gains and losses on investments.

+ References

No definition available.

+ Details

Name:	us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration