For over 30 years, TIAC has safeguarded title professionals, including title agency owners who often own law firms or practice as attorneys. In some states, a title agent must be an attorney for real estate closings.
However, our professional liability policy excludes the practice of law. Addressing whether lawyers need a separate policy for their title agency is a common topic for the TIAC team, as coverage requirements vary among carriers.
Title agencies and law firms share professional risks, and a single mistake can be costly and disruptive. Our professional liability coverage helps offset legal fees and settlements, with common limits starting at $1,000,000/$2,000,000. When adding endorsements for additional businesses, these limits are shared.
Although not the most expensive, professional liability coverage is crucial for title agents and lawyers, providing essential protection in the face of legal challenges. Business owners should conduct due diligence when researching and purchasing this insurance, as adhering to state requirements may not ensure adequate asset protection. Contact our team to discuss your options for your title agency.