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Reserves For Claims | 6 Months Ended
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Jun. 30, 2017
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
Reserves For Claims | Reserves for Claims Transactions in the reserves for claims for the six-month period ended June 30, 2017 and the year ended December 31, 2016 are summarized as follows:
| June 30, 2017 |  | December 31, 2016
Balance, beginning of period | $ | 35,305,000 |  |  | $ | 37,788,000 |
Provision, charged to operations | 860,224 |  |  | 242,953 |
Payments of claims, net of recoveries | (2,024,224 | ) |  | (2,725,953 | )
Ending balance | $ | 34,141,000 |  |  | $ | 35,305,000 |
The total reserve for all reported and unreported losses the Company incurred through June 30, 2017 is represented by the reserves for claims. The Company's reserves for unpaid losses and loss adjustment expenses are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy claims that have been incurred but not yet reported (“IBNR”). Despite the variability of such estimates, management believes that the reserves are adequate to cover claim losses which might result from pending and future claims under title insurance policies issued through June 30, 2017. Management continually reviews and adjusts its reserve estimates to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews may be significant. A summary of the Company’s loss reserves, broken down into its components of known title claims and IBNR, follows:
| June 30, 2017 |  | % |  | December 31, 2016 |  | %
Known title claims | $ | 4,103,783 |  |  | 12.0 |  | $ | 4,405,343 |  |  | 12.5
IBNR | 30,037,217 |  |  | 88.0 |  | 30,899,657 |  |  | 87.5
Total loss reserves | $ | 34,141,000 |  |  | 100.0 |  | $ | 35,305,000 |  |  | 100.0
Claims and losses paid are charged to the reserves for claims. Although claims losses are typically paid in cash, occasionally claims are settled by purchasing the interest of the insured or the claimant in the real property. When this event occurs, the Company carries assets at the lower of cost or estimated realizable value, net of any indebtedness on the property.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6482852&loc=d3e14931-158439 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65670824&loc=d3e14754-158437 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.13(a)(1),(b)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65670824&loc=d3e14764-158437 + Details
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