May 14, 2019

Wire Transfer Fraud Coverage Title Insurance Agencies

Funds Transfer Fraud Insurance

Although you purchase Errors & Omissions coverage for your title insurance agency you may still be exposed to a large loss as a result of fraudulent wire transfers.  Most Errors & Omissions policies exclude any claims related to fraudulent instruction and social engineering;  the few who do cover this exposure sublimit the coverage at a much lower limit than your full policy coverage limit.  While it is not generally possible to obtain richer coverage through your E&O carrier there is hope of obtaining more robust coverage through a cyber crime policy.  We have access to several markets willing to offer terms for this type of coverage.  All it takes is the completion of a short application in order to have quotes presented for your review.