Title Agency Insurance can be purchase generally in two fashions. Either as a stand-alone policy for the entity or in some cases if, the Title Agency is wholly owned by an attorney(s) in a law practice, then the coverage can be purchased as part of the firms Professional Liability Policy.

As with most things, there is an advantage and disadvantage to either type of purchase.  In the past, most Legal Malpractice Insurance Companies offered Title Agency coverage as an added coverage for a nominal fee.  However, with the increase in real estate and title agency claims, most carriers have eliminated offering this coverage as part of their Legal Malpractice Coverage. The advantage to still purchasing it as an add-on is that the cost is generally less, but the disadvantage is that a law firm will be limiting the number of carriers willing to offer terms and if a claim is made against the title company, the law firm will be subject to a higher premium for a claim that was not legal in nature.

Conversely, the advantage to purchasing separate coverage for the title agency is that a specific stand-alone limit of coverage is designated for the entity and the premium will be specific to the risk. The downside is that the premium will be more expensive than an added coverage to the firm’s policy. There is no right or wrong way to purchase the coverage but the trend is for title agencies to be insured as individual entities.

Please note that in the state of Florida a Title Agency is required to have both a Fidelity Bond and a Surety Bond.  These bonds are typically very inexpensive.  This is a coverage that we are happy to assist you and your Title Agency.

We work with numerous Title Agencies and have relationships with all of the major carriers in this market. Contact us for a quote or to answer any questions you might have.