Closinglock Unveils Wire Fraud Insurance Coverage
November 26, 2024
Title companies face mounting pressure to safeguard their businesses and clients amid escalating fraud threats, unpredictable market dynamics, and the need to protect their bottom line. To provide them with the assurance they need in an increasingly high-risk industry, Closinglock has developed an insurance offering specifically tailored for its customers.
Closinglock provides up to $2.5 million in coverage per wire transfer verified through its secure platform. Backed by Lloyds of London, the policy offers direct coverage for Closinglock customers, helping them reduce liability and protect clients with confidence.
“Title companies have been asking for an added layer of security designed for their needs,” said Weston Conway, COO at Closinglock. “While we’ve already securely facilitated the transaction of over $350 billion in real estate transactions without incident, we understand the importance of providing our customers with a purpose-built safety net.”
Closinglock wire fraud insurance coverage is separate from and in addition to its Errors and Omissions Insurance (E&O) policy, which it has always offered its customers. This new policy has been developed specifically for the transaction closing process within the Closinglock platform.
With this latest update, Closinglock delivers a dual layer of protection, combining its industry-leading fraud prevention tools with an enhanced dedicated insurance policy that title companies can rely on. Closinglock customers become directly insured under the policy, complete with a certificate of insurance, offering streamlined claim processing and direct access to protections and payouts. It is also the only company that offers an insured flow of funds through its Good Funds Payments tool, “the Venmo of real estate.”
Closinglock has set out to make its insurance offering transparent and easy to understand, so it’s explicit in laying out what the policy covers as it relates to the product, and settlement companies don’t have uncertainty or concerns they are at risk.
“This is included as part of our platform and at no additional cost to our customers,” Conway said. “We invested in this policy for our title company partners, so it was very important that we delivered a policy without any confusing exclusions or misleading promises. And we can truly say this is the most robust wire fraud insurance policy on the market.”
Contact ALTA at 202-296-3671 or [email protected].