One of the most common sources of professional liability claims against a title agency is when one of the title agency’s employees falls prey to an escrow wire fraud scheme. Fortunately, there are many ways that a title agency can mitigate the risk of these claims from happening to them. As title agency business overall has slowed down in 2023 due to higher interest rates, now is a great time to employ some of these appropriate strategies.
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Cyberattacks and wire fraud are on the rise in the real estate industry. According to a 2022 survey by the American Land Title Association, 86% of respondents said the volume of cyberattacks either increased or remained the same in 2021 when compared to 2020.
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Title Agents Errors & Omission (E&O) insurance protects the title agent’s business against baseless and legitimate claims. Commercial General Liability insurance is not enough. An E&O policy covers many of the items that a CGL policy does not, such as performance disputes, errors, and other liability issues.
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