According to an article entitled "E&O insurance crisis looms" in a recent issue of The Title Report, the market for title agents and abstracters errors and omissions insurance is shrinking while many of the insurers that remain are raising rates from 5 to 25%.

The article goes on to state that one insurer, Philadelphia Insurance Company plans to cease renewing policies starting in August. They join insurers such as Chubb Executive Risk, Homestead, Frontier and others that have left the title agents and abstracters E&O insurance market, according to The Title Report article.

ALTA members faced a similar situation in the mid-1980s when a special committee of ALTA determined that the best way for members to have a long-term stable market was to create their own insurance company. The result was Title Industry Assurance Company, a Risk Retention Group (TIAC), the only company wholly owned and governed by title professionals.

TIAC began insuring ALTA members in June of 1988, making TIAC one of the oldest and most experienced insurers for title agents and abstracters E&O insurance. This expertise and experience is demonstrated in TIAC's cutting-edge policy, unparalleled claims and underwriting services, and competitive premiums.

"As our endorsed professional liability insurance program, we encourage all our members to find out how their firms can benefit from TIAC's broad coverage and excellent service", said Cara Detring, ALTA's 2000-01 President.

Members may obtain premium indications by simply completing the Expedited Premium Estimate Form. Members can also contact TIAC toll free at 1-800-628-5136 with any questions on the program.

To find answers on how TIAC works visit frequently asked questions.