Why Real Estate Title Agents Need Errors And Omissions Insurance

In fact, no matter if you have been in business for quite some time, or you are new to the real estate industry, the risks you face daily, from errors in closing costs and payoff amounts to failing to meet client expectations, make you a major target for lawsuits. Even if you are cleared of all claims, the fees spent on defense, the time spent away from your business, and the added stress of dealing with the situation can prove costly. Without the right coverages, real estate agents may put their professional and financial future on the line.

Also, it is the title industry’s role to safeguard the client’s escrow and other funds by providing a means for the secure transfer of their real estate in the industry. If an error or breach occurs during this transaction, the agent is held accountable for damages incurred resulting from the error or breach.

Title Agents Errors and Omissions Insurance protects title agencies, including the escrow agent, closing cost agent, title searcher, and more, against the impact of a lawsuit incurred as a result of title agents omissions and errors and fraudulent wire activities.

This insurance covers all costs suffered as a result of an emerging lawsuit claiming alleged errors in the title documentation process, including title searches and escrow. Under this coverage, the insured is compensated in the event of final settlement up to the policy limit, as well as compensation for defense costs.

Title Agents Errors and Omissions Insurance Under the Fidelity-Pak Program

Title Agents Errors and Omissions Insurance Coverage under the Fidelity-Pak Program provides a wide range of comprehensive errors and omission coverage for real estate title agents, including:

Claims related to defect or deficiency coverage

Sometimes the real estate process can become damaged due to a defective or unmarketable title, also known as a title defect, which means there is an omission, error, or other complication related to the ownership of the property that makes it unsuitable for sale to a valid buyer.

Typically, as part of the settlement process under a contract of title, the buyer will pay the title company or attorney to search the title to the property to ensure the seller has a valid and marketable title to transfer without title defects to protect the buyer’s right to the property. However, sometimes important details related to the property are not recorded in state and county records, which prevents certain information from being known, which puts the agent at risk.

The claims related to defect or deficiency insurance covers claims related to defect or deficiency claims resulting from a deficiency or defect not recorded in public.

Consumer Financial Protection Bureau Matters (CFB) Coverage

The Consumer Financial Protection Bureau protects consumers from abrasive, unfair, or deceptive practices and takes action against businesses that break the law, such as predatory lending.

If a consumer files a complaint against your company with the CFPB, and upon investigation, the CFPB decides that your company has indeed violated federal consumer financial laws, it could result in a court proceeding.

The Consumer Financial Protection Bureau Matters Coverage assists with costs incurred as a result of Consumer Financial Protection Bureau matters. Under this coverage, Insureds receive up to $150,000 sub-limit coverage for relevant attorneys’ fees, costs, and expenses, including civil investigation, hearing, subpoena, or civil action conducted or received by the CFPB.

Claims Caused by Independent Contractors

The claims caused by independent contractors insurance covers Insureds against a claim caused by independent contractors.

Occasionally, you may need to hire an independent contractor to assist you in your real estate business. During these times, it is important to verify that the contractor is covered by insurance, which will cover damages if the contractor’s errors or accident causes damage.

Prior Acts Coverage

Title Agents Errors and Omissions Insurance covers prior acts coverage is a feature of liability policies that extends the coverage of insurable occurrences to dates before the purchase of the policy. In other words, it covers the time between when services are provided and when claims are filed as a result of those services. Under this coverage, all claims caused by wrongful acts following the retroactive date and before the end of the policy period are covered.

Fraudulent Email Wire Transfer Coverage (Third Party)

Under the Fraudulent Email Wire Transfer Coverage, compensation is paid on behalf of the Insured, those sums insured become legally obligated to pay up to $1 m for a covered loss as a result of an employee transferring escrow funds from an account of the Insured in dependence upon fraudulent email instructions relieved from a criminal claiming to be a lawful party to the transaction.

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Horse Trailer Insurance

Unlike car accidents, you won’t read a lot about the horse-related accidents in newspapers. However, this doesn’t mean that these accidents don’t happen at all. The fact of the matter is that the British Horse Society (BHS) is of the opinion that horse-related accidents don’t get reported as often as the other types of accidents. According to the reports from the Hospital Episode Statistics (HES), over 4,000 horse-related accidents happened between 2011 and 2012.

Although the vehicles drawn by horses don’t move so fast, their chances of causing injuries or damages are higher than the regular vehicles. Apart from the traffic accidents, horse-trailers can get stolen. In these circumstances, you may want to consider a horse-trailer insurance policy.

What Does It Cover?

Given below are a few salient features of horse-trailer insurance:

Recovery: the provider will bear the costs to pick up or recover the repaired trailer.
Trailer hire: this feature allows you to hire a good replacement trailer and the costs will be reimbursed by the insurer.
Equipment coverage: The feature covers for the damage or loss occurred to the equipment and the trailer upgrades.
Third party liability: you get coverage against the legal liability if your horse trailer causes an injury to a person.
Accidental theft, fire or damage: This provides coverage against the loss or damage of the trailer.
Roadside assistance: roadside assistance refers to the coverage against the expenses related to the towing services if the vehicle breaks down.

Factors That Can Increase or decrease the Insurance Rates

Buying a horse-trailer insurance policy is not cheap. The primary reason is that the horse trailer costs a lot of money to buy. The premiums you will be paying vary based on the insurer. However, given below are the factors that can increase or decrease the amount of premiums that you will need to pay:

The model and manufacturer of the trailer
The number of horses that were transported
Your driving history
Your location
Your amount of deductible

How to Save Money on The Horse Trailer Insurance?

Although you will need to pay a good deal of money to purchase the insurance policy, you can follow the tips given below to make it a bit cheaper by availing discounts.

1. Identification of your trailer: if you make the identification of your vehicle easier, the chances of your vehicle getting stolen will be slimmer. What you need to do is make your trailer different from the rest of the trailers. To do this, you can paint a particular design on it so that the relevant authorities could recognize it easily.

2. Lock the hitch of your trailer: buying a hitch lock is a good idea to discourage thieves. So, your vehicle may not be stolen.

3. If you have a low annual mileage, you may get a discount. So, you should discuss this with your insurance provider.

So, if you want to get horse-trailer insurance, make sure you follow these tips.

Have you been looking for the horse trailer insurance? If so, we suggest that you check out Compare Horse Trailer Insurance for quotes.

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The Basics of Tradesman Insurance

You may have hired the services of many workers, but you have to believe that gardeners, carpenters and builders are on the list of the most diligent workers. However, the problem for these workers is that they are prone to several risks. For instance, they may lose their tools or they may get involved in an accident while working at a site. Let’s know more about the tradesman insurance.

Tradesman Insurance

As said earlier, tradesmen’s job involves the risk of accidents. An average office worker may not be prone to as many risks as a tradesman. Actually, tradesmen make use of dangerous tools. That is the reason they are more likely to get injured than other people. The majority of tradesmen is usually self-employed. So, replacing a damaged or lost equipment is very hard for them. They may lose a lot of potential income if they don’t get a replacement for their lost or damaged tool. Fortunately, they have a ray of hope in the form of the tradesman insurance. This type of insurance is provided especially for these people.

If you have no idea what this insurance is, you can go ahead and read through this article. Tradesman insurance offers the following coverage:

Public liability coverage

This type of coverage offers coverage against legal expenses that may incur because of the claims of a property damage or injury to a worker.

Personal accident coverage

Personal accident coverage will provide coverage in case of an injured staff member at the workplace.

Damage to someone else’s property

This type of coverage helps you to pay for the expenses that occur when the workers cause damage to the property of a client.

Contractual works

This type of cover insures the construction works of the tradesman, including materials, especially if they get damaged or stolen. Aside from this, it can reimburse the heavy expenses related to extra costs of labor needed in order to rebuild the things that were completed earlier. For instance, this can offer coverage if a storm causes a damage to a building that is being built by a contractor.

Tools and equipment

The tools and equipment insurance offers coverage to the policyholder in case of the costs that occur in case of a repair or theft of a tool or piece of equipment.

Commercial Vehicle Coverage

This type of coverage protects you against the cost of upkeep of a vehicle of van that you use for business. Aside from this, it can cover for the rental cost of a vehicle. You can also buy other optional features or covers. For instance, with efficacy coverage, you can reimburse the litigation expenses if you are held liable for the installation of a faulty security alarm.

You can also buy tax investigation coverage if your business is being investigated for reasons related to tax. It will provide coverage against the loss of income during the investigation.

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Essential Things to Change in Insurance Training

Insurance services use knowledge related to finance, regulations, analytics in general and everything else in specific. For example, take project insurance. The insurer needs to evaluate various risks associated with the project. He should be able to make use of project management documents to understand the measures being taken by managers to manage the risks identified by them. He should be able to assess loss in case of claim. He need to use the knowledge of project management techniques in project insurance.

Again, if it is agriculture insurance, an insurer has to get idea about the crop yield, soil quality, farming practices etc. to do a meaningful insurance. So, knowledge of agriculture science need to be applied. Since insurance extends its services to every possible activities in the world or even in space, it has the potential to use every kind of knowledge.

Knowledge gained by insurance professionals during training are to be used. They are not for answering few questions in examination and then forgetting them. There is no end of values that insurance service can add in risk management in any kind of activities. And that is through the use of knowledge related to risk management techniques and also the knowledge related to activities. It may not be expected that every insurance professional will gain knowledge of every activity. But, he will do better if he is able to identify what knowledge to be used from where. This where can be external too.

There can be such training courses that are related to existing practices. But these are at the most basic level. It makes sense if there is a need of organized training on existing practices. There are regular changes in standards, regulations etc. that may create need of organized training to make them known to insurance professionals in formal way.

However, since Insurance service by nature is futuristic, there has to be emphasis on such topics that empowers the professionals to understand the future in scientific way with greater nuance. Such training prepares insurance professionals to go much deep in their profession and make the profession richer.

So, one thing that definitely need to be in the insurance related training is something about the future, something latest, something new, something that make the participants come out from the routine thinking and dive deep into topics related to finance, regulations and analytics or related to the special area of insurance.

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How To Be A Good Guest In A Homestay

Homestays are becoming increasingly popular with more and more people opting to stay in a homely environment during vacations. It gives you the advantage of learning about the local culture while also enjoying some homemade food. Moreover, it gives the real taste of a particular place’s lifestyle, which something one should try experiencing at least once in their lives.

However, when you board at a homestay, regular families will greet you instead of trained staff members. Which is why it becomes important to be careful of your behaviour and etiquettes so that you leave a good impression behind. Here are some ways of doing so.

Learn about the Culture of the Place

Culture can be a very important aspect of a person’s life, especially in Asian countries. So, let’s say, for instance, you are booking cheap flights, take some more time and read up about their culture too. This will help you gel well with your hosts and make you seem less foreign.

Be at Your Best Behaviour

Remember that when you are lodging at a homestay, you are using someone’s home. Before you start your stay, ask them if they have any specific rules you need to follow. This way, you will not be disturbing them while enjoying your vacation. Also, be warm toward them so that they don’t have a skewed idea of the country you are representing.

Treat it Like a Homestay

Most often people forget the basic difference between a homestay and a hotel stay. At hotels, staff members will be at your beck and call. They will assist you with anything you want. But when you are staying at someone’s home, they might not have the manpower to do so. Try and help out as much as you can. If it’s not too much of a work, keep your room and bathroom as clean as possible. Additionally, try cleaning up after you have finished your meals.

Care for their Home

People often host guests to earn some extra cash on the side but that doesn’t mean, it’s not difficult to give up a portion of their house to strangers. Which is why, as guests, it becomes your duty to take care of their furniture and infrastructure. Don’t damage the property and try to treat it like your own home. Remember that someone has built it with as much love and care as you built your own.

These are some of the tips t

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