Just like all others who participate in real estate transactions, Title Agents also run the risk of facing a lawsuit and a costly legal defense that could put them out of business.
Their company’s survival and personal financial security depend upon the proper insurance protection to help them brace for the impact. With the increased exposures due to foreclosures and the crack-down on Wall Street, Title Agents are now under increased scrutiny.
Even the most skilled agents are likely to make a mistake at some point. From human oversights to miscalculations, the level of liability burden is profound. Title Agents may not be able to personally handle every aspect of their client’s title search and the type of exposures they may face are changing rapidly.
Every Title Agent ought to have Errors & Omissions insurance – it will pay for their legal defense costs (even on a baseless claim), and any resulting judgments, including court fees. In some cases, Title underwriters may actually require agents and their subcontractors to have E&O insurance to protect them from claims, even if the problem occurs months after their initial consultation.
Remember, E&O insurance coverage is not provided by a General Liability policy. Title professionals who have General Liability without Professional Liability (Errors & Omissions) coverage are taking a serious risk. It’s like a physician practicing medicine without having any Malpractice Insurance.
Axis Insurance Services, LLC builds custom professional liability solutions, made specifically for title agents, escrow agents and abstractors. We specialize in errors and omissions insurance and have secured partnerships with outstanding carriers and talented underwriters to help guide your purchase decisions.
Connect with us today to see how we can help protect your business. Call 201-847-9175 or email firstname.lastname@example.org.