Around 2018, there was a major uptick in the amount of claims that Title Agents filed in response to an unprecedented increase in Social Engineering claims, where fraudsters trick employees into divulging sensitive information or transferring funds fraudulently. These scams often involve fake emails or phone calls pretending to be from trusted parties, leading to significant financial losses and damage to reputations.
Read MoreOne 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.
Read MoreCyberattacks 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.
Read MoreTitle 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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