Title, Escrow & Closing Agent Professional Liability Insurance

Stateside Underwriting is pleased to offer one of the most comprehensive national programs for Title, Escrow and Closing (TEC) Agents. Our program provides Professional Liability (Errors and Omissions) as well as Fidelity Bond policies for Title, Escrow and Closing Agents in all 50 states. Stateside Underwriting utilizes several markets to match the best coverage to the specific risk.

Our program can offer individual coverage limits to $3MM with minimum premiums starting at $2,000.

Our policies may provide errors & omissions coverage for any and/or all of the following professional services:

• Abstracters
• Closers
• Escrow Agents
• Corporate Document Searches
• Independent Contractors
• Searchers
• Settlements
• Title Insurance Agents
• Witness Closers

Fidelity Bond policies

Stateside Underwriting Agency is one of the leading writers of fidelity bonds for title agents. Stateside also provides fidelity bonds for escrow agent and fidelity bonds for closing agents. A title agent fidelity bond is also referred to as a title agent crime bond, a title agent employee dishonesty bond or a title agent dishonesty bond.

A fidelity bond for title agents is usually written on a Form 15 bond which is a type of bond used for title agents. For instance, a bank would carry a form 24 bond. The most important clause of the Form 15 fidelity bond for title agents or coverage part of the form 15 is Clause A. Fidelity. This clause is also referred to as Employee Dishonesty and covers direct financial loss to the assured title agent for fraudulent or dishonest acts committed by any one or more of the employees of the title agent acting alone or in collusion with others and for the loss of money or other real or personal property belonging to assured title agent.

Many lenders are now requiring fidelity bonds for title agents as well as fidelity bonds for closing agents and escrow agents. In addition to lenders requiring fidelity bonds for title agents, there are certain states that also make mandatory fidelity bonds for title agents. Many of these lender and title underwriters who require fidelity bonds for title agents also require a loss payee rider to be issued in the name of the lender or title underwriter who is requiring the fidelity bond for title agents.

For instance, Florida has a $50,000 minimum requirement for fidelity bonds for title agents. Likewise the state of Washington has a $200,000 requirement for fidelity for title agents and fidelity for escrow agents. Also, certain title underwriters such as Old Republic , have $150,000 requirement for a fidelity bond for title agents.

Regardless of whether there is a specific requirement for a title agent to carry a fidelity bond, title agents should carry fidelity bond coverage as a peace of mind to protect them from employees stealing money, including settlement funds and title premiums from the agency. Also, the title agent should not rely on the minimum fidelity bond limit requirements by states, lenders and title underwriters for title agents because in many cases it is just too low to afford any meaningful protection from an employee determined to commit fraud or other dishonest acts against his title agent employer.

There are significant amounts of statistical data that we could share and that can be found on the internet which would convince the principal of title agencies to purchase a title agent fidelity bond however we think most owners of title agencies understand the exposures and risks associated with not carrying a title agent fidelity bond and thus do so for reasons other than the obvious. If you are interested in securing title agent fidelity bond, please contact Stateside at 440-893-9917 or 815-759-6800 and we will send and application and recommend a local Stateside agent.

CLAIM DETERMINATION...Any claim is subject to the actual policy wording/endorsements and the coverage for a claim shall be determined using the policy wording.

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