I don't feel that ethics is the question here.  A professional is always going to provide a quality product and, due to the nature of title research, frequently go beyond the scope of the request (and fee) to satisfy themselves that they are delivering an accurate product.  But there is a limit to that scope and that is the point of the disclaimer and that is also reflected in the price of the product.  Otherwise every search would be a 60 year search (or more), include everything and cost appropriately. 

My feeling is this:  There is title research and there is title insurance.  I provide research not insurance.  That is why my fee is so much lower than a title policy.  The lenders have made a choice not to purchase the insurance.  If a research error is made and you suffer a loss, that is what the insurance is for.  If you purchase my product and an error is made I will refund your money, but my product / pricing is not designed to provide insurance.  That is also why my firm name does not contain the words "title" or "abstract" and every individual that calls is questioned as to why they want the research and specically informed of what they are and are not purchasing.  .

There is a time and a place for simple research.  But it is up to the consumer to know what it is that they are buying.  Here, the disclaimer provides vital information. 

And finally, those in the industry who purchase our limited research product should know that a $40.00 report simply cannot cover a loss in the thousands of dollars.