Your title company has specialized services on which real estate agents, mortgage lenders and buyers all rely. Your ability to verify the provenance of a home and establish who has the right to sell, along with making sure that sales terms are met by both parties requires research and judgment calls. Mistakes happen, but in your role, those mistakes can cost one or both parties to the sale. Make sure you’re protected from potential mistakes with errors and omissions insurance for title company.
What Actions Does E&O Insurance Cover?
Your professional liability, E&O policy, covers anything you, your employees or independent contractors did, or failed to do, in the course of your normal duties, including:
- Closing services,
- Title searches, and
- Title transfers.
What Does the Coverage Include?
Claims of an error or omission may be made against your business years after the event. As long as your policy is in effect, you will still be covered retroactively to the original date of your policy. Importantly, your policy doesn’t only pay settlements and judgments for claims about your services; your legal fees, attorney costs and costs of an investigation are all covered by your E&O policy. You can purchase additional coverage to help defray the costs of a disciplinary hearing and other specialized circumstances.
An insurance specialist can help you find the coverage types and levels that will ensure your business is fully covered.