XL Group and RPS/Plus Cos. have expanded their underwriting partnership to bring professional liability insurance to title & escrow agents.
According to Erin Fry, head of Programs for XL Group’s Select Professional business in North America, XL Group and The Plus Cos. already provide professional liability insurance to insurance brokers and agents. Through the new underwriting agreement, title agents, escrow agents, notaries will also be eligible for professional liability protection.
Bob Ciuffreda, area president of the Bridgewater, New Jersey-based RPS/Plus Cos., said these service professionals can find themselves facing claims alleging incorrect title searches, missed easements, incorrect legal descriptions, failure to record, and occasionally, fraud.
With limits of liability up to $5 million per claim and a $5 million annual aggregate, the XL Group/Plus Cos. professional liability program is designed for U.S.-based title agents, title abstractor, closing agent, escrow agent, or notaries with revenues up to $10 million. Coverage is underwritten by the Plus Cos.’ specialized professional liability underwriters and provided by the XL Group of insurance companies.
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