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[+] Anyone heard of PNA TITLE? - John Baker/OH (2 replies)
7/29/2018 12:21:42 PM (1126 views)

[+] Title Service/sathramcorp - jane guiles/AL (2 replies)
7/24/2018 9:59:36 PM (973 views)

[+] slk title - jane guiles/AL (24 replies)
7/24/2018 9:58:35 PM (1688 views)

[+] SearchConnect - Smitty Strickland/SC (1 reply)
7/24/2018 12:09:36 PM (1066 views)

[+] Warranty Deed language - Steve Knoll/KS (3 replies)
7/24/2018 2:30:06 AM (1037 views)


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[+] Genesee County, proposed $500 monthly on line search fee - Robin Ramberg/MI (10 replies)
7/20/2018 2:40:10 AM (1509 views)

West Title - Joni Bargel/MN
7/18/2018 1:11:00 PM (701 views)

[+] Real T Solutions - David Bloys/TX (8 replies)
7/16/2018 6:51:51 PM (1560 views)

[+] Networking Ad sites - Russ  Kern/GA (3 replies)
7/16/2018 2:14:32 PM (799 views)

[+] Learn Something New Everyday - Jay Duncan/MO (4 replies)
7/12/2018 12:37:04 PM (1105 views)

Sterling Title - Joni Bargel/MN
7/11/2018 2:11:44 PM (746 views)

[+] NALTA or ALTA? - Catherine Anderson/TN (1 reply)
7/11/2018 11:16:15 AM (831 views)

[+] Greatest Abstractor Story - Jay Duncan/MO (4 replies)
7/11/2018 10:28:53 AM (1295 views)

[+] PRO TITLE NON-PAYERS - Lu Rivera/PA (5 replies)
7/9/2018 3:44:57 PM (1399 views)

[-] Tail End Insurance Requirements - Lynne Goodwin/VA (7 replies)
7/8/2018 12:15:40 PM (968 views)
Re: Tail End Insurance Requirements - Alix Ott/MI
7/9/2018 8:20:28 AM (585 views)
Re: Tail End Insurance Requirements - Lynne Goodwin/VA
7/9/2018 8:28:25 AM (608 views)
Re: Tail End Insurance Requirements - Bart Newsom/OK
7/9/2018 8:44:47 AM (561 views)
Re: Tail End Insurance Requirements - Robert Franco/OH
7/9/2018 9:20:30 AM (606 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 (664 views)
Re: Tail End Insurance Requirements - F P/VA
7/10/2018 9:39:46 AM (563 views)
Re: Tail End Insurance Requirements - Lynne Goodwin/VA
7/10/2018 10:32:13 AM (576 views)


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