First, I would ask the company the minimun E&O they will accept. I know some companies do not really care as long as you have some in place. I  know one company wanted me to  have $50,000 worth of E&O. Moreover, Insurance Agents know now that the maximum amount is 1m and will only sell you that amount to get a good commission check. I feel you should purchase what you need or what the company you will be contracted with wants you to have. Then too top it off, the agent wants you to pay the entire premium up front. In your case you are just starting out, and putting $1,200 to $1,500 up front; I know its steep. Very rarely and Abstractor makes a costly mistake, $1,000,000 coverage is extremely too much to carry for an Abstractor. I feel abstractors fear they will be sued, this is lack of confidence to me. If I know I am a thorough abstractor, and review my searches 10x or more to ensure accuracy; then $1,000,000 E&O is too much for me. I wish an insurance company would surface that has our interest at heart, and charge reasonable premiums. When the work slacks up, the insurance is still due.

Comment:

I traveled over 80 miles both ways for an Estate and Equity Case. The company gave me the incorrect name for the Estate. Then with the genius I am in this fieldI located the Estate under a different first name. If I never located the Estate under the different name, no one else would have found it. I could tell the company were having difficulty locating this Estate. Then they wanted to quawk about the fee I charged.

We have to take into consideration, gas, time, and difficulty in some of these searches. I also saw where some abstractors will charge less than a $100 for a Full 60  year search. This is why some of these companies do not want to pay feeling we will drop our fees and take what they are willing to give us. This is tough line of work and I feel we should make top dollar.

PS.

Shoot me an email at prioritytitlesearch.net and tell me and explain what and O/G search is all about. The details mainly.

Thanks