Open Forum

Last week in a conversation with an agent they talked about the process of renewing their cyber insurance and E&O coverage and are finding that it is especially difficult this year and that "nearly half of the E&O carriers are pulling out of insuring title agents".  They went on to say that if this trend continues that many agents will need to get out of the business altogether because they cannot get the required insurance coverage. My initial thought was that this sounded like an exception to the norm but if it is true that "half" of the carriers are no longer willing to provide coverage to title agents that this could be especially harmful to the industry. Are other agents finding it more difficult to get E&O insurance? Are E&O companies pulling back from our industry? 

Talking to an Insurer who works with our agents, they said some, (Not all) Insurers are sending non-renewal notices to their E&O policyholders. The reason stated is that they are no longer writing this class of business. The insurers who are renewing are further restricting coverages, i.e., adding exclusions, sub limits etc. and or increasing premiums. I think that this is something we need to keep an eye on

Last week in a conversation with an agent they talked about the process of renewing their cyber insurance and E&O coverage and are finding that it is especially difficult this year and that "nearly half of the E&O carriers are pulling out of insuring title agents".  They went on to say that if this trend continues that many agents will need to get out of the business altogether because they cannot get the required insurance coverage. My initial thought was that this sounded like an exception to the norm but if it is true that "half" of the carriers are no longer willing to provide coverage to title agents that this could be especially harmful to the industry. Are other agents finding it more difficult to get E&O insurance? Are E&O companies pulling back from our industry? 

Last week in a conversation with an agent they talked about the process of renewing their cyber insurance and E&O coverage and are finding that it is especially difficult this year and that "nearly half of the E&O carriers are pulling out of insuring title agents".  They went on to say that if this trend continues that many agents will need to get out of the business altogether because they cannot get the required insurance coverage. My initial thought was that this sounded like an exception to the norm but if it is true that "half" of the carriers are no longer willing to provide coverage to title agents that this could be especially harmful to the industry. Are other agents finding it more difficult to get E&O insurance? Are E&O companies pulling back from our industry?