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[+] PRO TITLE NON-PAYERS - Lu Rivera/PA (5 replies)
7/9/2018 3:44:57 PM (2875 views)

[-] Tail End Insurance Requirements - Lynne Goodwin/VA (7 replies)
7/8/2018 12:15:40 PM (2437 views)
Re: Tail End Insurance Requirements - Alix Ott/MI
7/9/2018 8:20:28 AM (2128 views)
Re: Tail End Insurance Requirements - Lynne Goodwin/VA
7/9/2018 8:28:25 AM (2207 views)
Re: Tail End Insurance Requirements - Bart Newsom/OK
7/9/2018 8:44:47 AM (2153 views)
Re: Tail End Insurance Requirements - Robert Franco/OH
7/9/2018 9:20:30 AM (2218 views)

Ideally, I would want tail coverage to extend the reporting period for the duration of the statute of limitations during which a former client could sue me for a covered loss.  Here (Ohio), that is generally 4 years (with some exceptions).  Unfortunately, the last I heard, the companies that write the E&O policies were only willing to offer tail coverage for 1 and half years.  But, as Bart said, I'd get it for as long as I could, if I ceased operating as a sole proprietorship.  

When I closed my abstracting company, I did not bother with tail coverage.  It was an LLC and I had not personally performed any of the searches for years.  My exposure to personal liability was very low.  I closed the business with about 9 months left on my E&O policy, but I did not extend it with tail coverage. 

You should also realize that tail coverage extends the reporting period for a claim - it does not continue to provide coverage for any new work.  So, in order to be covered, you must meet two requirements:

1) You have to have had coverage at the time you did the search, or when the error or omission occurred.  This would be after your "retroactive date" and before the end of your policy (but before the tail coverage started); And,

2) The claim must be reported to the insurer within the reporting period (as may be extended by tail coverage).  

Please let us know what you are able to discover from the carrier.  I'll be curious to know if you can get tail coverage for more than a year and a half. 

Best,
Robert A. Franco
SOURCE OF TITLE 

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Re: Tail End Insurance Requirements - Jim Basgier/VA
7/9/2018 10:10:09 AM (2525 views)
Re: Tail End Insurance Requirements - F P/VA
7/10/2018 9:39:46 AM (2426 views)
Re: Tail End Insurance Requirements - Lynne Goodwin/VA
7/10/2018 10:32:13 AM (2457 views)

Vincent Lawson - Shannon Walker/AL
7/5/2018 11:21:35 PM (2031 views)

First Equity Melville NY - Terry Ray/OH
7/3/2018 2:46:48 PM (1791 views)

[+] Releases - kay morris/VA (2 replies)
6/29/2018 3:11:19 PM (2552 views)




[+] Lumar Document Retrieval - F P/VA (22 replies)
6/29/2018 2:54:11 PM (3406 views)

Marin County California strike - Dan Zook/NY
6/28/2018 5:13:14 PM (3501 views)

[+] Clerks Not Wanting To Assist w/ Copies - David Beloff/VA (6 replies)
6/28/2018 9:59:23 AM (2914 views)

Secure Land and Title LLC - Jana Urban-Buzek/OH
6/27/2018 1:39:30 PM (2187 views)

[+] Advantage Settlement Services - Jana Urban-Buzek/OH (1 reply)
6/27/2018 1:38:10 PM (2513 views)

[+] Global Data - Lucille Femine/TN (2 replies)
6/27/2018 10:44:37 AM (2773 views)

[+] NON-PAYMENTS OF $2169(FROM VANTAGE LAND TITLE) - David Marc/WA (2 replies)
6/25/2018 11:46:36 AM (3577 views)

[+] Handling the slowdown - Jim A/WV (10 replies)
6/22/2018 6:07:07 PM (3149 views)

DO NOt take request from Chris Manning - Kristina Leitch/MD
6/20/2018 11:38:43 AM (2409 views)

[+] Property Abstractors - F P/VA (4 replies)
6/19/2018 7:21:20 PM (3066 views)


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