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[+] Learn Something New Everyday - Jay Duncan/MO (4 replies)
7/12/2018 12:37:04 PM (1081 views)

Sterling Title - Joni Bargel/MN
7/11/2018 2:11:44 PM (725 views)

[+] NALTA or ALTA? - Catherine Anderson/TN (1 reply)
7/11/2018 11:16:15 AM (792 views)

[+] Greatest Abstractor Story - Jay Duncan/MO (4 replies)
7/11/2018 10:28:53 AM (1268 views)

[+] PRO TITLE NON-PAYERS - Lu Rivera/PA (5 replies)
7/9/2018 3:44:57 PM (1362 views)


AccuSearch Company


[-] Tail End Insurance Requirements - Lynne Goodwin/VA (7 replies)
7/8/2018 12:15:40 PM (935 views)
Re: Tail End Insurance Requirements - Alix Ott/MI
7/9/2018 8:20:28 AM (573 views)
Re: Tail End Insurance Requirements - Lynne Goodwin/VA
7/9/2018 8:28:25 AM (580 views)
Re: Tail End Insurance Requirements - Bart Newsom/OK
7/9/2018 8:44:47 AM (546 views)
Re: Tail End Insurance Requirements - Robert Franco/OH
7/9/2018 9:20:30 AM (594 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 (638 views)
Re: Tail End Insurance Requirements - F P/VA
7/10/2018 9:39:46 AM (552 views)
Re: Tail End Insurance Requirements - Lynne Goodwin/VA
7/10/2018 10:32:13 AM (551 views)

Vincent Lawson - Shannon Walker/AL
7/5/2018 11:21:35 PM (658 views)

First Equity Melville NY - Terry Ray/OH
7/3/2018 2:46:48 PM (567 views)

[+] Releases - kay morris/VA (2 replies)
6/29/2018 3:11:19 PM (1093 views)

[+] Lumar Document Retrieval - F P/VA (22 replies)
6/29/2018 2:54:11 PM (1542 views)

Marin County California strike - Dan Zook/NY
6/28/2018 5:13:14 PM (1190 views)

[+] Clerks Not Wanting To Assist w/ Copies - David Beloff/VA (6 replies)
6/28/2018 9:59:23 AM (1359 views)

Secure Land and Title LLC - Jana Urban-Buzek/OH
6/27/2018 1:39:30 PM (876 views)

[+] Advantage Settlement Services - Jana Urban-Buzek/OH (1 reply)
6/27/2018 1:38:10 PM (909 views)

[+] Global Data - Lucille Femine/TN (2 replies)
6/27/2018 10:44:37 AM (1097 views)


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