Maybe this story wil help people entering the field realize that there is a great exposure to liability. They should think twice about charging $25 for a current owner and not carrying sufficient E&O coverage. If you just had one claim like this you would have to do 7,040 searches just to pay the claim!
I also hope that clients will read this and realize that a few extra dollars paid to a professional abstractor with the proper E&O coverage might be well worth it.
The story certainly gives all of us something to think about the next time a client says, "I can get the same search for $25." I think with the liability we incur we should be charing a lot more than we do, but its tough in this competitive market.
Robert A. Franco
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