Posted by Genkichan on 1/8/07 8:53am
Msg #169818

Fellow Marylanders -- E&O insurance request

Good morning.

I have been purchasing my annual $250,000 E&O Witness closer insurance policy from our friends at Chesapeake Insurance for the past years. The premium has crept up by around $50.00 per year, and is now at $704 for the year. There are no claims from me, and no apparent good reason for any such significant increases other than price gauging by the insurer. It appears that there aren't other companies out there who are prepared to insure witness-only LTP closers, and other policies are for title agents who actually do title searches and issue the insurance policies.

How much are other folks paying, if I may ask? Does anyone buy a similar witness closer E&O coverage from someone else at better prices? (Excluding "notary E&O", which does us no good, really). As long as I have two bonds in my name for $200,000, I strongly hesitate to leave myself exposed without insurance. However, $700 per year is rediculous!

I would really appreciate anyone's feedback, and especially if you have other sources for similar insurance at lower prices.

Thank you kindly.

Vicki/MD