Posted by Joanne_NY on 4/23/10 1:45pm
Msg #333050
Silk Abstrack
Did anyone else receive the letter from Silk stating that effective May 1, 2010, you will be required to carry $100K in E&O coverage, if you don't have it, they will help you (me) obtain the insurance through their agency, Silk Insurance Services. Great way to drum up business, but honestly, I was a bit offended. I live in a very rural area, I am going to ignore the letter, we'll see what happens after May 1.
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Reply by mwm143 on 4/23/10 1:53pm
Msg #333052
Abstract...not Abstrack
Here's a good example of why some should conceal their identity. First, what does where you live have to do with E&O insurance? You can get an annual policy for under $100.00 (which is less than $2.00 per week). Silk Abstract should be the offended party when this is read and take you right off their list, which will now be easy since your profile is linked.
JMHO
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Reply by MW/VA on 4/23/10 2:10pm
Msg #333059
I also don't think it was a good idea to post this.
They are a great company. Where's the offense? They offered it, didn't say they required you purchase it from them. For some time now, the $100K seems to be the industry standard.
You can probably thank the NNA for that. I carry that plus $500 Business Liability Insurance.
I'm insuring my business, after all.
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Reply by Linda_H/FL on 4/23/10 2:12pm
Msg #333060
Re: I also don't think it was a good idea to post this.
There IS no industry standard for E&O - it may be the common amount required by many companies but there's no "standard" at all - E&O is not required to be a notary.
Also..."$500 Business Liability Insurance"...???...sure you mean $500K?
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Reply by MW/VA on 4/23/10 9:06pm
Msg #333158
Yes, I meant $500K. Thanks, Linda. n/m
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Reply by Cari on 4/23/10 3:58pm
Msg #333107
they are an attorney owned title company...I used to close
for them a few years back - but I haven't received that letter....hmmm
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Reply by Linda_H/FL on 4/23/10 5:53pm
Msg #333132
I haven't received it either....but I sure do love it
when I see their name on my caller ID - this is an absolutely fabulous company to work for.
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