Title Agents / Title Abstractors / Escrow Agents — Professional Liability
Preferred Concepts LLC places professional liability (Errors & Omissions) coverage for title agents, title abstractors and escrow agents through a program underwritten by Mercator Risk Services. Mercator writes title agent E&O nationwide and can provide coverage in all states and the District of Columbia. This program is designed for independent agents and brokers seeking a specialized market for title-related professional liability exposures.
Overview
While frequency of title-related professional liability claims is relatively low, when they do occur the severity can be significant. Typical claims allege financial loss by a client caused by an error or omission in title searches, closing or escrow handling. Mercator’s program responds on a claims-made basis, with limits and deductibles underwritten to match the size and operations of the insured. Preferred Concepts LLC can help you identify the best placement within the Mercator program or other available carriers.
Ideal Accounts and Appetite
- Title agents, independent abstractors and escrow agents of varying sizes.
- Companies conducting title searches, preparing title commitments, issuing closings, and handling escrow funds.
- Standard accounts as well as hard-to-place, distressed or unusual accounts, including those with prior claims or financial impairment.
Coverage Highlights and Advantages
- Professional liability (E&O) tailored for title operations — written on a claims-made basis.
- Ability to consider accounts with prior claims or financial issues that other markets may decline.
- Limits and deductibles sized to the account’s operations; terms vary by carrier and risk profile.
- Access to multiple carriers through Mercator and other markets — Preferred Concepts can help you navigate options.
Underwriting Notes
- Mercator can usually accept a standard application you already have (except for renewals); they also offer a specialized application when needed.
- Provide full details on prior claims, escrow practices, controls, and financial condition to get the most accurate quote.
- Terms are risk-specific — limits, retentions and pricing vary by size of operations, prior loss history, and control environment.
Territories and Availability
Available throughout the U.S.: AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, DC, WV, WI, WY.
Why Place This Business Through Preferred Concepts LLC
- Wholesale broker access to Mercator Risk Services and multiple carrier options for title E&O.
- Experience placing routine and harder-to-place title, abstracting and escrow risks.
- Support through the submission process, including guidance on applications and documentation needed for underwriting.
If you have a client that needs title agents, abstractors or escrow agents professional liability, please contact Mercator Risk Services at (860) 527-9717 or e-mail [email protected]. Additional product information, applications, and specialty lines resources are available on Mercator’s website: www.mercatorpro.com.
Frequently Asked Questions
What types of title operations are a good fit for this program?
Independent title agents, abstractors and escrow agents that perform searches, prepare commitments, manage closings, or handle escrow funds are a good fit. The program accepts routine exposures as well as some non-standard or distressed accounts.
Can you place accounts with prior claims or financial issues?
Yes. Mercator’s program and the carriers available through Preferred Concepts routinely consider hard-to-place accounts, including those with prior claims or financial impairment, though those risks will be evaluated case-by-case.
Is coverage written on an occurrence or claims-made basis?
Coverage is generally written on a claims-made basis. Limits, retentions and specific wording will depend on carrier underwriting and the insured’s operations.
What do you need to start a submission?
Underwriters typically ask for a completed application, loss run history, description of escrow controls and closing procedures, and any financial information relevant to the operation. Mercator can usually start from an application you already use or provide a specialized application.
Which states is the program available in?
The program is available nationwide, including all U.S. states and the District of Columbia.
Need help placing an account? Connect with a market specialist.