Global insurer XL Group has expanded its partnership with RPS/Plus Companies to provide professional liability insurance to another class of business, title and escrow agents.
Offered by the XL Group of insurance companies, the coverage is underwritten by the Plus Companies’ specialized professional liability underwriters.
XL Group North America select professional business programs head Erin Fry said: "XL Group already enjoys a productive working relationship with The Plus Companies, providing professional liability insurance to insurance brokers and agents.
"Now, through our new underwriting agreement, title agents, escrow agents, notaries and others can now receive the quality professional liability protection, underwriting expertise and claims defense on which we’ve both built our market reputations."
Designed for US-based title agents, title abstractor, closing agent, escrow agent, or notaries with revenues up to $10m, the new professional liability program comes with liability limited to up to $5m per claim and a $5m annual aggregate.
RPS/Plus Companies Bridgewater area president Bob Ciuffreda said that the service professionals can find themselves facing claims alleging incorrect title searches, missed easements, incorrect legal descriptions, failure to record, and occasionally, fraud.
XL Group provides property, casualty, professional and specialty insurance products across the globe.
Image: XL Group and with RPS/Plus Companies have partnered to provide professional liability insurance for title and escrow agents in US. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.