Title Industry Assurance Company Introduces New E&O Policy
July 7, 2015
As the title industry continues to evolve at a rapid pace, it is vital for title professionals to select a professional liability/E&O policy that addresses today’s expansive exposures. As the title industry’s own E&O insurer, TIAC’s new expanded coverage incorporates enhancements suggested by title underwriters, agents and abstracters.
“This new policy establishes a new standard for E&O coverage and will be an important addition to fulfilling pillar six of ALTA’s Title Insurance and Settlement Company Best Practices,” said Dan Mennenoh, president of H.B. Wilkinson Title Company, Inc. of Galena, Illinois. “We have been a TIAC insured for over 11 years and highly recommend TIAC to all ALTA members.”
New coverage features include
- $100,000 client funds protection
- $50,000 privacy breach mitigation expense
- $50,000 attorneys’ fees reimbursement for regulatory proceedings including proceedings before the Consumer Financial Protection Bureau
- loss of earnings reimbursement
- subpoena assistance
- pre-claims assistance
TIAC has also introduced a new $1,000 per claim deductible for qualifying insureds.
TIAC still offers features such as the 50 percent deductible waiver endorsementfor claims arising from services rendered for endorsing title underwriters, expert claims and underwriting services. Liability limits up to $5 million continues.
Coverage can be compared using TIAC’s Coverage Evaluator. Visit TIAC online at www.cpim.com/tiac or call 800-628-5136.
Contact ALTA at 202-296-3671 or [email protected].