It's only as good as the strengths of the insurer to defend title in the event a claim arises later. 

Also, no reason to think you will ever need title defended if the property went through foreclosure on the courthouse steps...so why pay for your own title company?

Then the asset manager will reconcile those two reports they get back and ask the BPO broker/agents who completed them to defend their position in value and deductions.The asset manager will either lower the price or stick to the higher value.I did thousands of these years and years go.

Some list the person's estate or heirs as the defendant.

@Josh Levinsky, this is a great question in that both sides can be vigorously defended as the right path!

I have rented to ministers, police officers, sons of doctors, some Section 8 er's, and thought they would be great tenants and they were the worst. 

Joshua, I have to defend you a bit and rightfully so I think.

I've been trying #2 in earnest for about a two years but it's difficult because tenants bristle to defend themselves and wiggle out, lean on the local tenant advocacy groups, etc.

Note that we manage our properties ourselves so having a property manager defending a tenant is disturbing at best. 

Only once did they ask me to come in to defend my claim and that is the year that I chose to abandon my request as I suspected I would lose the hearing anyway.And, just to show that assessed value and market value can be unrelated, I was always able to refinance and ultimately sell my last home for well above the tax value that I could always get the county to agree on.