Errors and Omission (E&O) coverage can be just another overhead cost for many title agents, especially if they have never filed a claim against their policy.
As this case will show, one suit brought against a title agent can be a long and time-consuming process. E&O Professional Liability coverage is a huge relief and support for the insured throughout the duration of the case. Note, the actual incident occurred in 2007, a suit was not filed until 2008, and was not settled until 2019 (11 years!). The costs of defense could be alleviated with the proper E&O policy. Have you reviewed your current protection?
If you have any questions give us a call, we would be happy to walk through coverage options for your agency.
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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.