Very well stated Robert.  We ask that our abstracters have E&O for that very reason.  Being in the industry as long as both Wanda & I have been, you are quick to learn that IF a missed document results in a loss for the client, the first call they make is to us.  The first call we make is the our abstracter.  Hopefully, everyone is lucky enough not to ever have a loss, however like Jay and others have stated, it only take the one...If "Murphy's Law" comes into play, it will be a $300,000 mortgage sitting out there open of record..............You never know.  Traditionally, the next business to become extremely profitable following a Refi boom is.............you guessed it.........Foreclosures..Just a thought.
Mary