E&O

What If Your Email Account Was Hacked?

Do you have an action plan in place in the event one of your company’s email accounts is hacked? A recent incident with a Midwest-based title and settlement agent is prompting us to alert our clients to this issue. The particular company had several email addresses that handled a large...

What You Can Do To Fight Wire Fraud

Statistics recently gathered by Beazley Insurance indicate that in 2017 the average theft through fraudulent wiring instructions was $357,000. Some thefts were only a few thousand dollars; however, others were in the millions. Fraudulent wire instructions have become a significant threat to the well-being of title and closing agents. Even if your...

Directors and Officers Liability Insurance

Does your organization have a Board of Directors or Senior Executives that help provide direction, influence decision making and help craft policy? Are you on such a board? By participating in such a capacity, somebody becomes personally liable for decisions that they make in that role. In light of the...

Insurance for Fraudulent Wire Instructions

Fraudulent or faulty wire instructions from cyber criminals are affecting title professionals and closing agents across the United States. Here are two scenarios to consider: A title agent receives revised closing instructions from the seller/seller’s representative. The title company verifies the new closing instructions/wire routing numbers and wires the funds....

Land Title Association: Get Involved!

Recently, we had the opportunity to attend two of the New York State Land Title Association (NYSLTA) Town Hall meetings. One was held in was held in Tarrytown, New York and the other in Carle Place, New York. I firmly believe that you cannot help your clients unless you understand...

Don’t get caught in a phishing scheme!

Phishing: the attempt to acquire personal and/or financial information by impersonating a trustworthy entity in an electronic communication. Businesses are falling for these schemes daily, turning over data and funds after receiving a malicious phone call or email instruction to do so. The perpetrators are easily able to lure victims in...

Are my Independent Contractors covered?

This is one of the most common questions I am asked when preparing quotes for E&O insurance. My answer is always the same: “we must look at the policy form to see how your carrier covers ICs.” More often than not, E&O insurance coverage is usually extended to the Independent...

Time Keeps Ticking

A closing took place in upstate NY in 1999. During the transaction it was noted that in addition to a mortgage, there was a home equity loan that had been taken out on the home being sold. At the closing it was shown that the home equity loan had been paid off, and a zero balance was due to this secondary lender. The sale was completed, a title policy was issued, and everyone went on their merry way. Unknown to everyone, except the seller