It has been a long day. After your calls to your title insurer’s underwriting counsel, your E&O carrier’s agent and your lawyer, you pulled together your file and retraced your steps. With 20/20 hindsight, it has become clear that you may have made a couple mistakes…… Your first question had been “Why us?” After all, … Continue reading Anatomy of A Claim – Part 2
Why Does Errors & Omission Insurance Cost So Much? And, Where Does The Pricing Come From?
E&O pricing can be a mystery, but there is a method to the madness. The base price comes from you, the insured, when you list your gross revenue on the E&O application. The more you make, the more your insurance costs. This is because the insurance companies view higher revenue as more work and higher … Continue reading Why Does Errors & Omission Insurance Cost So Much? And, Where Does The Pricing Come From?
Anatomy of A Claim
[Queue the Dragnet theme The story you are about to read is true – only the names…and amounts…and addresses…and… you get the picture... have been changed to protect the insureds….] This is your lucky day. Just yesterday you questioned your decision to leave OCD Title, with its endless checklists and procedures (intake, title order, examination, … Continue reading Anatomy of A Claim
Due Diligence & Survey Matters
by Julie Ann Rutledge, President Land Title Research, Inc. Proactive Title Defense – Communication is the Key: Errors in the Title Report and Commitment remain the top cause of claims in the title industry today. There are many factors that contribute to the problem of errors and omissions in Title Reports and Commitments. It … Continue reading Due Diligence & Survey Matters
Housekeeping!
Everyone in real estate knows that the market is scalding hot in the summer and lukewarm in the winter. This means that settlement agents will find themselves with a bit of free time in the off-season. Instead of wasting that time, put it to good use by completing the following checklist to do the necessary … Continue reading Housekeeping!
10 Common Survey Issues Relevant to Title Problems
10. History of Surveying in the Colonial Era Surveys in the colonial era were quite inadequate due to the lack of qualified personnel and the use of poor equipment. The most qualified surveyors were busy mapping the country and plotting rivers, which was the main source of transportation of that time. The surveys performed for … Continue reading 10 Common Survey Issues Relevant to Title Problems
How to have a successful Real Estate Settlement Agent Audit
Once a year you get notified that the agency’s RESA audit is due to be conducted. What will the auditor be looking for? According the Virginia Code § 55-525.24(A): All funds deposited with the settlement agent in connection with an escrow, settlement, or closing shall be handled in a fiduciary capacity… What does fiduciary capacity … Continue reading How to have a successful Real Estate Settlement Agent Audit