Fidelity-Pak Title Agents Errors and Omissions Insurance
As a title agent, title examiner, notary public, attorney, abstractor, escrow/closing agent, and others, it is important that you provide error free results. In fact, your clients downright depend on it. However, sometimes payoff amounts or closing costs can be miscalculated as a result of various factors, including attempting to crunch the numbers on your own, as opposed to obtaining the correct amount from the proper agency.
When this occurs, an existing loan may not be satisfied, which leaves your clients liable for the remaining amount. Title agent errors not only puts your clients at a financial loss, but it also leaves you susceptible to a lawsuit. Title Agents Errors and Omissions Insurance protects title agencies financial security against the impact of a lawsuit as a result of title agents error and omissions.What is Title Agents Errors and Omissions Insurance (Title Agents E&O)?
Title Agents E&O insurance provides protection against losses suffered as a result of an emerging lawsuit claiming alleged errors in the title documentation process. This includes escrowing and searching. The insured is provided indemnification in the event of final settlement, up to the policy limit, as well as payment for defense costs.
Title Agents E&O insurance differs from Commercial General Liability, in that Commercial General Liability insurance does not provide coverage for performance disputes, errors, and any other liability issues.Title Agents Errors and Omissions Insurance Under the Fidelity-Pak Program
Title Agents E&O under the Fidelity-Pak Program provides a wide range of comprehensive E&O coverage for insureds who perform professional services for a fee, including:
- Escrow Agent
- Title Insurance Agent
- Title Searcher
- Title Abstractor
- Closing Agent
- Notary Public
The Fidelity-Pak Program provides Insureds with the following comprehensive Title Agent E&O coverage:
- CFPB Coverage
- This coverage assists with expenses incurred as a result of Consumer Financial Protection Bureau Matters. Under this coverage, Insureds receive up to $150,000 sub-limit coverage for applicable attorneys' costs, fees, and expenses, including hearing, subpoena, civil investigation, or civil action received or conducted by the CFPB.
- Prior Acts Coverage
- This coverage provides protection against all claims caused by wrongful acts following the retroactive date and before the end of the policy period.
- Claims Related to Defect or Deficiency
- This coverage provides protection against claims related to a deficiency or defect not recorded in the public records.
- Claims Caused by Independent Contractors
- Under this coverage, Insureds are provided protection against claims caused by independent contractors.
- Fraudulent Email Wire Transfer Coverage (THIRD PARTY)
- Under this coverage, compensation is paid on behalf of the Insured, those sums insured become legally obligated to pay up to $1m for a covered loss as a result of an employee transferring escrow funds from an account of the insured in dependence upon fraudulent email instructions received from a criminal claiming to be a lawful party to the transaction.