I think it is absolutely rediculous for abstractors to have to carry E&O in the first place.  We are not certifying title or giving a title opinion.  We are pulling public records.  The cost of E&O has absolutely nothing to do with what you know as an abstractor.  I have been in business for 21 years and never had a claim, but the cost of E&O keeps going up every year, especially since 9/11.  We are paying the price for all the abstractors out there that don't have a clue and claims abound.  Look at what has happend to the price of E&O at State Farm.  The price doubled in less than a year because they would insure anyone in a court house claiming to be an abstractor.  I really don't think that passing the NALTEA exam will make a difference.  No one knows who NALTEA is in the abstractor field, much less anywhere else.  I have a truly good friend on the board and I have not joined simply because I think it cost too much, and I cannot see the benefit.  Have a Happy New Year.  Hopefully foreclosure work will start pouring in now that the holidays are coming to an end.

 

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