It has been awhile! There have certainly been many changes in the professional liability world, as it seems carriers are responding to an increase in claims surrounding the real estate industry.

It appears a new trend is in the title agent professional liability industry; some companies are placing an independent contractors exclusion onpolicy forms. Some carriers are making this form mandatory, and others will remove it if specifically requested. Left on the policy, however, it can mean that any mistake and resultant claim arising from searches performed by an independent abstractor would not be covered under a title agent’s errors & omissions policy.

I am inspecting all renewals and new quotes for evidence of this exclusion. It is important that you review your coverages on all renewals and ask your agent to ensure your coverage is comprehensive. It may mean a switch in carriers, or a change in premium, but it is imperative to review your title agent exclusion forms and endorsements on the policy.

Please keep this in mind as your coverage comes up for renewal. I know we are all trying to cut costs, but this exclusion would be significant if you use independents, especially ones without their own professional liability in place.

If you have any comments or questions, please feel free to post them here, or contact me directly. Please also spread the word; everyone should be aware of this change.

As always, best to all!

Robin
Professional Liability Specialist for Title Agents

I wondered, what motivates agents to use a particular bank for their escrow accounts? I asked a few and received answers like “I use the same bank for all my accounting…” or “there are no or low fees associated with the account.”  I pose this question to you: why do you choose your bank for your escrow account? What is important to you? 

As always, I look forward to your responses!

Best,

Robin Campbell

With all the pressures to complete the closing, including up front costs, customers packed up in moving vans, etc, it must be hard to step back and push off a closing just because something isn’t exactly as previously presented.

Is it a gut feeling? I think, if something isn’t right, if something seems a little off, it is time to do some research before stepping in to a possible claim scenario.

Your feedback is appreciated. Obviously, title agents have a huge experience with a wide variety of loans and closings. What is your take on this aspect of the services you provide as a responsible agent?

 Who just went, drank like a fish, and had a good time? (all raise hands…)

Best,

Robin

Robin Campbell has the expertise to answer all of these questions.  She is an experienced insurance student and practitioner who can analyse the situation and develop a plan that will be cost effective.  Her knowledge of both her side of the insurance business and also the title business makes her a valuable resource in these difficult finanacial times where every penny one can save is important.

Thanks Robin for being a professional we can count on.

Art Oswald
learntitle.com, LLC
 

In keeping with my genuine nature, I will tell you that it is also my intent to shamelessly plug my services and explain why they are unique and why they are worth the wait.

First of all, getting a quote is not as easy as just submitting an application and waiting for a number to be spit out from cyberspace. My service to you, an upstanding member of the title industry, is to bring you the scope of the insurance marketplace, including different options for coverage, different company proposals, and a detailed description of why I may recommend a certain company over another. This takes time and negotiation with my insurance company representatives (we have a love/hate relationship). 

Second, insurance companies work in date order. If they have applications for coverage that are effective before your renewal, thy are going to attend to those first. So, for example, today is February 11th. The company will work on coverage renewing the 12th,13th, etc. before they get to anything coming due in March. Which, if you think about it (and I hope you do) is a fair way to address the influx of coverage requests.

Last but NOT least, the benefit of doing business with me is: I gather all of the different proposals I receive for my client and review ALL of them in detail. I examine all the endorsements on the policy to make sure there are no exclusions of coverage that could be pertinent to protecting your business.  I have seen exclusions of coverage for escrowing services, for independent contractors (many title searchers are 1099ers), etc. On the policy, I see definitions of the insured limited to only abstracting instead of full title agency services.  I make sure your retroactive date (for claims made coverage) is matched so there is seamless coverage. If there are claims in your history, I work to find out the details so I can go to the company on your b.ehalf and defend your righteousness in our seemingly frivolous litigious society.

Yes, we all want to save money, especially in these times.  But we also want to make sure we are properly protected. It is my goal to provide my clients, title agents like yourselves, mortgage brokers and bankers, title searchers and abstractors, with the right coverage for the right price. I do that by presenting options, alternate quotes, explanations of coverages, and guiding you through the decision-making process.

As always, best to all

Robin

Unfortunately, my coffee experience has been weakened by the seemingly conspiritorial efforts of my franchised java provider to offer less and less coffee while charging more and more.  My traditional order of a large coffee often turns out to be, well, not so large, if you know what i mean, and it doesn’t seem to matter which place I go!

This morning was a perfect example. After standing in line, I ordered my coffee and stepped out of line with it. I checked my coffee and it wasn’t even close to full! I went straight to the manager and asked her to fill it to the top. With a grunt, she took the coffee and dumped in some more liquid.  So… now I’m getting an attitude for expecting a full cup of coffee (priced over $2.00)?!!

 I know I rely on my coffee to get me going, especially on those cold Monday mornings. I have now changed my order to “a large Hazelnut, with a little milk, and filled to the top…” I don’t care about the glares and the stares. 

Don’t settle for a lame cup of joe. As you sip your morning coffee, while you sift through your paperwork and prepare for your closings, your refi’s, gather  your documents, etc., make sure that java is everything you want it to be!

Robin 

Very soon, I will be interviewing a longstanding and respected member of the title industry. This interview will be available on video (YOuTUBE!) and will also be on my website. The topic is:

“Why Title Agents will survive in these times: Title Agents from an underwriter’s perspective.”

The content will come from your input! If you had the chance to ask your underwriters anything, what would your questions be?

All posted questions will be used in the interview. Feel free to remain anonymous, and send me an email directly at robinc@pavesemccormick.com.  No names will be used (unless you’d like some press!)

Your questions answered!  I look forward to your responses.

Robin

“…The total purchase price for Commonwealth and Lawyers is approximately $282 million. Chicago Title Insurance Company (“Chicago Title”) and Fidelity National Title Insurance Company (“Fidelity National Title”) will pay a total of approximately $135 million in cash to LFG. Additionally, FNF will pay LFG a total consideration of approximately $147 million consisting of $47 million in cash, a $50 million subordinated note due in 2013, with interest at the 5-year treasury rate at closing plus 1 percent and approximately $50 million in FNF common stock valued at no less than $14.00 per share. The agreement also calls for Fidelity National Title’s cash purchase of United for statutory book value at closing. United’s statutory book value was approximately $16 million as of September 30, 2008….”

AS per the website press release, FNF is one of the nation’s largest title insurance companies. It’s title insurance underwriters (including Fidelity national and Chicago) issue approximately 27% of all title insurance policies in the US. 

What are the potential implications of this Stock Purchase Agreement? What if you are a tiitle agent representing Commonwealth or Lawyers?

Comments and discussion welcomed