XL Catlin and RPS/Plus Companies, a program administrator, have introduced two new endorsements that make data breach and added theft protection available for their professional liability insurance program specifically designed for title and escrow agents.
“People like to hold service providers accountable,” said Frank Palermo, the underwriting manager of XL Catlin's commercial errors and omissions (“E&O”) business in North America. “If there is any question about the services they provide, title and escrow agents, notaries, and others should have strong professional liability protection and guidance to help defend their work.”
Bob Ciuffreda, the area president of the Bridgewater, New Jersey-based RPS/Plus Companies, said, “These service professionals can find themselves facing claims alleging incorrect title searches, missed easements, incorrect legal descriptions, failure to record, fraud, and theft. Plus, today, they must face the growing threat of a data breach that could compromise their information and clients' trust. Business risks are constantly changing and we're constantly working to make sure our insurance programs offers relevant, strong protection.”
XL said that, to address growing data breach exposures, a new policy endorsement is available, adding up to $100,000 in coverage for a data breach and breach mitigation expenses.
Also, XL added, a new PLUS+ advantage endorsement extends the program's professional liability coverage offering:
- Theft of funds coverage with a sub-limit of $100,000;
- A separate limit of liability for defense expenses;
- A 50 percent reduction to the extended reporting period premium for policyholders continuously insured for four years (loyalty discount); and
- A no charge death or disability extended reporting period.
With limits of liability up to $5 million per claim and a $5 million annual aggregate, the XL Catlin/Plus Companies professional liability program is designed for U.S.-based title agents, title abstractors, closing agents, escrow agents, or notaries with revenues up to $10 million. Coverage is underwritten by the Plus Companies' specialized professional liability underwriters and provided by the XL group of insurance companies.
Learn more: www.xlcatlin.com; www.thepluscos.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].