here is the reply I received to my inquiry with the carrier:
The underwriter has responded that the subprime loan exclusion cannot be removed. Our markets will not offer subprime loan coverage at this time due to the turmoil in the mortgage industry. Unfortunately, I was also advised that any prior work, retroactive claims involving subprime loans will be excluded.
Ok, I can work with the first part if I decide to go with the policy--but how can they change prior policies??? I thought the only time they could deny coverage under a previous policy was if there had been a lapse in coverage otherwise retroactive, meant retroactive? Kevin, Robert?
I'm just trying to protect myself. Obviously, I don't expect any claims on my work, but with this clause, coupled with my lack of knowledge as to what my report was ultimately used for, I could potentially get sucked into a title dispute over the sloppy work of those above me in the chain.
I'd love to hear from those who have successfully obtained E & O recently that did not contain such a clause and what companies you obtained it from. Thanks
to post a reply:
login - or -
register