The Company is required, in accordance with Florida Law, to carry and maintain errors and omissions insurance as well as maintain a surety bond for transactions that do not have title insurance. The Administrative Assistant is responsible for tracking and the President & CEO is responsible for renewing all insurance coverages. The Company furnishes copies of all the insurance policies and applicable bonds to their title underwriter(s), including all endorsements, and proof of payment of the current premium.
Professional Liability Insurance Coverage - Errors and Omissions
The Company carries professional liability insurance for errors and omissions in accordance with The Company’s contractual obligations in the amount of $1,000,000 per occurrence with a $2,000,000 aggregate limit issued by Greenwich Insurance Company, with an A.M. Best rating of A+ Superior, a company acceptable to our title insurance underwriter. This comprehensive liability policy has a deductible of no more than $5,000 per loss. A copy of most current policy is attached.
Fidelity Bond Coverage
Fidelity coverage is not required by state law or contractual obligation. However, Guaranteed Florida Title, maintains a zero deductible $35,000 Fidelity Bond with Old Dominion Insurance.
When requested by the customer or required by state regulation, the Company will issue an insurer’s Closing Protection Letter (CPL) in connection with the settlement funds and issuance of a title insurance policy.
This CPL will be issued via the insurer’s automated Closing Protection Letter system. When required by state regulation the Company will set aside funds in a statutory indemnity fund to cover fidelity losses not otherwise covered by the protections afforded by the insurer.
Surety Bond Coverage
The company maintains Surety Bond of $35,000 through Lexon Insurance Company.