TIAC has long been a leading provider of E&O insurance for title professionals, and is announcing a new coverage enhancement to be included on all new and renewal policies. The Escrow Trust Account Verification and Control Deductible Reduction Endorsement reduces the deductible obligation by fifty-percent when certain escrow risk management and control procedures are in place at the time of a covered claim involving the alleged failure to safeguard funds.
Industry requirements for the management of escrow and escrow related financial processes have been rapidly evolving in response to increased risks from fraud. Title professionals are being required to separate duties and apply internal controls to safeguard transactions and meet fiduciary responsibilities. When TIAC policyholders apply best practices and risk management procedures in compliance with industry standards and subsequently suffer a covered claim, the new endorsement can help minimize out-of-pocket expense.
“This endorsement rewards insureds who comply with Pillar 2 of Best Practices and also implement additional, meaningful, risk management procedures” said Dan Mennenoh, President of H.B. Wilkinson Title Company, Inc. of Galena, Illinois. “This coverage enhancement is yet another reason why TIAC is the best E&O insurer for our industry”, Mennenoh continued.
Providing professional liability insurance to the title industry since 1988, TIAC offers coverage to ALTA members in forty states and the District of Columbia.