Title Professionals Insurance

Professional Liability Insurance for Title Professionals

Anyone Can Make An Error!

Although you maintain a high degree of professionalism, it’s easier than ever to make an error as mortgage rules and regulations continue to become more complex. What’s more, you don’t even have to make a mistake to be sued by an unhappy client. Top-notch Errors & Omissions coverage from Garden State Professional Insurance Agency is designed to protect you and your firm in either scenario. And as we do for all clients, we will shop for you among our title insurance company partners, all of which are rated Superior or Excellent by A.M. Best. We shop. You save!

Eligible Professionals

Many title professionals are eligible for coverage:

Title professionals insurance offers comprehensive coverage tailored to the unique risks faced by professionals in the real estate industry, safeguarding against potential liabilities and ensuring smooth transactions.

Based on Garden State’s experience, most title agencies carry at least $500,000 in coverage limits, and many mortgage companies are now requiring limits of $1 million or more. Standard E & O policies offered by Garden State can include coverage limits up to $2 million. However we also offer “Excess” policies if higher limits are desired

You can choose a deductible as low as $1,000 or as high as $10,000.

Insurance Estimate

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Complete this single page form and we’ll respond with an estimated premium. You’re also welcome to request a non-binding premium estimate based on a current, completed application from any insurance carrier.

Insurance Quote

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Garden State Professional Insurance Agency Professional Liability Insurance

Additional Coverage Options

To request a quote on any of the title professionals’ insurance coverage options for below, click on the name for the corresponding application.

FAQs

What is Title Agents Professional Liability or Errors & Omissions Insurance?

Title Agents Professional Liability (Errors & Omissions or malpractice) is coverage designed to protect individuals and businesses that provide professional services (such as selling title insurance, abstracting, or as an escrow closing agent) incurred as a result of errors and omissions in performing those services. Most policies will pay the cost of legal defense against claims and payment of judgments against you, up to the limit of the policy. 

What is the difference between Title Agents Professional Liability Insurance and General Liability?

The difference is what is covered. General liability covers events that could happen to any type of business, such as physical injury or property damage. Title Agents Professional liability covers risks specific to professional services provided to clients.

What is claims-made coverage?

Claims-made coverage is a policy providing coverage that is triggered when a claim is made against an insured during the policy period, regardless of when the error of omission that gives rise to the claim took place. (If there is a retroactive date on the policy, act giving rise to the error or omission had to take place after the retroactive date).

What is a Retroactive Date?

Retroactive Date or prior acts date is a provision found in many claims-made policies that eliminates coverage for claims emanating from wrongful acts that took place prior to a specified date, even if the claim is first made during the policy period.

Do Title Agents Professional Liability Policy Cover Defense Costs?

Title Agents Professional Liability Policies do cover the cost of defense. Some policies have Defense “Within” the Limits also called Claims Expenses Inside the Limit or “CEIL”. This means that the cost of defense erodes the limit of liability available to pay judgements or settlements. Some policies have Defense “Outside” the Limit of Liability meaning that defense costs are provided in addition to the limit of liability or “CEOL” and do not erode the policy limits.

What is a loss only deductible or first dollar defense?

Loss only Deductible means the deductible applies only to indemnity (judgments and settlements) and not to defense costs. Defense costs are paid by the carrier from the first dollar expended.

From one professional to another, we look forward to serving you!