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Errors & Omissions (E&O) Insurance for Title Abstractors
We offer errors and omissions (E&O) insurance to title abstractors, title searchers, and title examiners in select states. Our goal is to provide title abstractors with excellent service by providing E&O coverage promptly and at a reasonable cost. We offer E&O insurance from multiple insurance companies.Even if you have a history of claims or are having difficulty finding affordable E&O coverage, we can help.
E&O insurance coverage for title abstractors is available in the following states:
Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Jersey, New York, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Utah, Vermont, Washington, Wisconsin, Wyoming.
Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Jersey, New York, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Utah, Vermont, Washington, Wisconsin, Wyoming.
What's the Difference between a Title Abstractor, a Title Agent, and an Escrow Officer?
A title agent is an insurance agent who sells title insurance. An escrow officer handles the transfer of funds and property title between the parties in a real estate transaction.
Title abstractors research the history of transactions impacting the ownership of a property. The examination performed by title abstractors determines if a property has a free and clear title or if anyone else has a claim on the property. Title abstractors prepare an abstract of title document which summarizes the history of a property.
Why do Title Abstractors need E&O Insurance?
Title abstractors face a long list of exposures to E&O and malpractice claims, including, but not limited to, the following*:
- Incomplete review of title
- Improper or inadequate documentation
- Failure to find land subdivision
- Failure to find deed entry or deed fraud
- Failure to find will & probate entry
- Failure to find liens, encumbrances, easements or encroachments
- Search performed on wrong parcel
- Breach of contract
Even if a title abstractor acted professionally and in good faith during a transaction, he or she can still be sued and could easily face tens of thousands of dollars just in defense costs.
It is therefore vital for title abstractors to have the proper E&O insurance protection.
What Coverage does an E&O Insurance Policy provide Title Abstractors?
Errors and omissions insurance provides coverage for claims made against title abstractors by reason of an error or omission in the performance of professional services.