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[+] Anyone heard of PNA TITLE? - John Baker/OH (2 replies)
7/29/2018 12:21:42 PM (2452 views)

[+] Title Service/sathramcorp - jane guiles/AL (2 replies)
7/24/2018 9:59:36 PM (2355 views)

[+] slk title - jane guiles/AL (24 replies)
7/24/2018 9:58:35 PM (3175 views)

[+] SearchConnect - Smitty Strickland/SC (1 reply)
7/24/2018 12:09:36 PM (2684 views)

[+] Warranty Deed language - Steve Knoll/KS (3 replies)
7/24/2018 2:30:06 AM (2455 views)




[+] Genesee County, proposed $500 monthly on line search fee - Robin Ramberg/MI (10 replies)
7/20/2018 2:40:10 AM (2987 views)

West Title - Joni Bargel/MN
7/18/2018 1:11:00 PM (1912 views)

[+] Real T Solutions - David Bloys/TX (8 replies)
7/16/2018 6:51:51 PM (3691 views)

[+] Networking Ad sites - Russ  Kern/GA (3 replies)
7/16/2018 2:14:32 PM (2249 views)

[+] Learn Something New Everyday - Jay Duncan/MO (4 replies)
7/12/2018 12:37:04 PM (2567 views)

Sterling Title - Joni Bargel/MN
7/11/2018 2:11:44 PM (2023 views)

[+] NALTA or ALTA? - Catherine Anderson/TN (1 reply)
7/11/2018 11:16:15 AM (2228 views)

[+] Greatest Abstractor Story - Jay Duncan/MO (4 replies)
7/11/2018 10:28:53 AM (2747 views)

[+] PRO TITLE NON-PAYERS - Lu Rivera/PA (5 replies)
7/9/2018 3:44:57 PM (2873 views)

[-] Tail End Insurance Requirements - Lynne Goodwin/VA (7 replies)
7/8/2018 12:15:40 PM (2430 views)
Re: Tail End Insurance Requirements - Alix Ott/MI
7/9/2018 8:20:28 AM (2126 views)
Re: Tail End Insurance Requirements - Lynne Goodwin/VA
7/9/2018 8:28:25 AM (2203 views)
Re: Tail End Insurance Requirements - Bart Newsom/OK
7/9/2018 8:44:47 AM (2152 views)
Re: Tail End Insurance Requirements - Robert Franco/OH
7/9/2018 9:20:30 AM (2212 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 (2523 views)
Re: Tail End Insurance Requirements - F P/VA
7/10/2018 9:39:46 AM (2423 views)
Re: Tail End Insurance Requirements - Lynne Goodwin/VA
7/10/2018 10:32:13 AM (2455 views)


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