Professional Perspective

Time Keeps Ticking

Could this happen to you? Most would say, no, but it happened to one of our more experienced clients, and it wasn’t discovered until years had passed. A closing took place in upstate NY in 1999. During the transaction it was noted that in addition to a mortgage, there was a home equity loan that had been taken out on the home being sold. At the closing it was shown that the home equity loan had been paid off, and a zero balance was due to this secondary lender.

Prevent Mortgage Fraud and Other Claims

Preventing Mortgage Fraud – and the Subsequent Claims In our Professional Liability department, we have seen the lasting impact the continued weakness of the real estate market has had on our many Title Industry Errors and Omissions clients. While there seems to be a light at the end of the tunnel (finally!), the long term impact on the underwriting of these policies will be felt for a long time. Many of our insured attorneys engaged in real estate law practice have also been impacted by the real estate “bubble” and subsequent “correction”. In recent years we have seen mortgage fraud

Poor Quality vs. Low Price

As consumers in a distressed economy, we have all found, and continue to search for, ways to cut costs and save money. Prior to spending a hard earned dollar, we take a closer look at the value of what it is we are purchasing. When it comes to your insurance needs, determining the value of the product and service you are receiving versus the cost can be difficult. A couple examples to consider: • Over the past several years, as E&O premiums have continued to increase,

What We Know About Title Agent Liability

Did you know that the Merriam Agency has been offering Title Industry Professional Liability (Errors & Omissions) policies since 1992? That means that we have seen a lot of insurance companies enter and exit this market for the past 20 years. While the carriers offering these policies continue to change, we have remained a stable conduit for our clients to continue to get this essential protection for their business year after year from reliable sources at a competitive price.

Fidelity Insurance

Fidelity Insurance, often referred to as “crime” insurance, protects your company from loss of money, securities or other property resulting from employee dishonesty, embezzlement, forgery, burglary, robbery, computer fraud, counterfeiting, wire transfer fraud, and various other criminal acts. You may ask, “Does my Errors and Omissions Policy provide any protection for me for any of the acts listed above? “ The Answer is “NO!” All the acts listed above are deliberate.

What You Should Know About Your Title Agents E&O

Ten years ago, many title underwriters did not require their agents to carry E&O coverage. Five years ago, most underwriters made that a requirement. Today, the coverage you may have previously questioned as necessary possibly saved your business when you had your first claim. Your professional liability coverage is one of the most important pieces of your business. Just like all lines of insurance, your E&O is in place to protect against a possible loss.