FAQs for Professional Liability Insurance

Our sole focus is on providing comprehensive E&O solutions for title professionals. This unique focus allows us to develop customized coverage solutions that address your specific risk profile. Managed by experienced insurance professionals, TIAC provides a stable and competitive market for title professionals seeking comprehensive E&O solutions.

TIAC operates as a Risk Retention Group (RRG).  This means we’re a unique type of insurance company owned and governed by our policyholders – title professionals like you.  Established under the Liability Risk Retention Act, being an RRG allows us to focus solely on providing E&O coverage tailored to the specific needs of the title industry.

While any title professional can request a quote, to become a TIAC policyholder, you’ll need to be or become an active member of ALTA and purchase a share of stock in TIAC.

Stock Purchase Options

TIAC offers two classes of stock to meet the needs of different firms:

• Class A: Provides full voting rights and may qualify to serve on TIAC’s Board of Directors. Minimum purchase is 1.5 shares for every five professional employees, priced at $1,000 per share. Since there are no partial shares, the requisite number of shares must be rounded upward.
• Class C: Requires a one-time purchase of $100 per share ($1 par value) and there is a one share purchase requirement, regardless of firm size. Class C shareholders have limited voting rights and may not serve on TIAC’s Board of Directors. Class C stock may be redeemed for its $1 par value.

Selling TIAC Stock:

ALTA members can sell their TIAC stock if they decide not to purchase coverage or leave the title industry. However, as a risk retention group, TIAC requires members to sell their stock if they are declined coverage or decide not to renew their E&O policy.

Under the laws of the state of Vermont in which TIAC is incorporated, TIAC stock is non-assessable, meaning policyholders are not liable for additional financial contributions beyond their initial purchase.

For detailed information on stock ownership and requirements, please refer to the Summary Business Plan and Disclosure Document, available upon request.

We provide comprehensive E&O insurance on a “claims made” basis, with prior acts coverage available for qualified insureds. Our policy insures professional services rendered as a title agent (including limited title opinion coverage), title abstracter, UCC searcher, corporate document searcher, public records searcher, flood zone certifier, escrow/closing agent, witness closer, and notary public. Coverages available to qualified insureds include:

• First Dollar (No Deductible) Defense Coverage
• Client Funds Protection Coverage
• Loss of Funds Coverage/Wire Fraud
• Privacy Breach Mitigation Expenses
• Remote Online Notarization (RON) Coverage

Policy Flexibility:
A “claims-made” policy covers the named ALTA member company, including its principals, partners, and employees. In the event of a cancellation or non-renewal by the insured or TIAC (except for non-payment of premium), a one-year extended reporting endorsement may be purchased to cover claims reported during the extended reporting period (ERP) arising from negligent acts, errors or omissions which occurred prior to the end of the policy period and otherwise covered by the policy. Full retroactive coverage is provided to eligible insureds for claims made during the policy period that arise from past negligent acts, errors or omissions if, on the effective date of the policy to be issued, no insured had any knowledge of such negligent act, error or omission.

We offer a range of policy limits from $250,000 to $1 million per claim and $250,000 to $2 million annually and deductibles from $1,000 to $50,000 or more to allow you to customize your E&O coverage and optimize your premium costs. For qualified insureds, even higher limits may be available.

Our experienced underwriters will work with you to determine the most appropriate coverage options for your specific needs.

Our premiums are determined by several factors:

• Your annual gross income from covered title activities
• The policy limits and deductible you choose
• The specific coverages you select
• Your prior E&O loss experience (if applicable)
• Your prior E&O insurance history

To get a precise quote tailored to your business needs, complete an application here or call us today.

TIAC is committed to providing prompt, courteous and professional claims service. Our claims counsel is the law firm of Dykema Gossett, PLLC, one of the nation’s leading professional liability/errors and omissions defense firms.

Need to file a claim? Visit our Claims page for instructions on filing your claim.