What professional services are covered on my policy?
A basic element to protecting your business is understanding the terms of your professional liability (E&O) policy. Some policies may have a narrow definition of the professional services that are covered and others may offer a more broad definition. The TIAC policy defines professional services as:
Professional Services means services (including title opinions or title certifications) performed for others for a fee as a title insurance agent, title abstracter, title searcher, UCC searcher, corporate document searcher, public records searcher, flood zone certifier, escrow agent, closing agent, witness closer or notary public. Professional Services include, when performed for others for a fee, services delegated to the Insured as a “Service Provider” (as defined in The Consumer Financial Protection Act of 2010 (12 U.S.C. sec. 5481 (26)) in connection with real estate settlements, other than appraisal services.
A thorough review of any insurance policy is always best and if you have a question about your TIAC policy, reach out to your representative to help you review and understand your coverage.
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This information is provided for the purpose of illustration. The coverage provided is that set forth in the terms, conditions, and limitations of the policy of insurance.