In response to the predatory mortgage transactions such as flipping, the Ohio legislature recently enacted SB 185 (awaiting the Governor's signature). Tucked away in the bill is the following language: "Requires title insurance agents or any subcontractor performing a title search, to maintain an errors and omission policy that includes coverage for the agent's delegation of any function. The Superintendent must establish minimum limits for this coverage. (R.C. 3953.23.)"
I maintain E&O to protect myself and for the comfort of my clients. I wonder how the Superintendent of Insurance will deal with title searchers outside the U.S. borders.
Do any other states have such a law?
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