Posted by Leslie_Mo on 10/18/13 7:15pm
Msg #488673

Did anyone else receive this new requirement from LSI??

Dear Signing Agent,

It is important to keep lines of communication open with our valued independent contractor network about growing trends related to risk management. Lenders and their third party vendors involved in the supply chain continue to take more assertive actions to protect themselves against potential risks including requiring vendors to maintain certain levels of insurance.

Based on recent expectations of our clients, LSI Title Company is adopting a policy requiring signing agents to maintain a minimum of $25,000 Errors and Omission coverage. Our records currently indicate that we do not have a compliant policy for your vendor profile.

If you currently have Errors and Omissions insurance coverage of $25,000, and you have not forwarded the certificate of insurance to LSI, you may email it to [e-mail address]. You may also send the certificates of insurance via fax (without a cover page) to (949) 271-0749. Please send front and back pages or all pages of your policy no later than November 8, 2013.

Satisfying this requirement insures your profile will remain active in LSI’s network. Obtaining and maintaining any and all insurance coverage takes place at your own expense. We thank you for taking time to ensure this requirement is satisfied. Additionally, we appreciate your understanding that this requirement was prompted by our top tier client’s contractual provisions and is in accordance with the overall industry focus on this topic.

Here is a link that you can utilize as an option to obtain the necessary coverage: www.nationalnotary.org/insurance.

If you have any questions, please contact LSI National Vendor Management Group by calling (800)756-3524 ext 5035, or send an email to [e-mail address].

Best Regards,

National Vendor Management

LSI Title Company

Reply by JinCA on 10/18/13 8:12pm
Msg #488697

Hi,
Yes I got it too. I am going to see if I can bump the one up that I got from this site. I will call them about it soon.

Reply by Linda Adams on 10/19/13 9:04am
Msg #488737

Am I reading this right-first BGC, now potentially E&O too?

Again, I get that SS/TC can set any policy they want as to how to run their business. And obviously that BTDT entity has some top notch lobbyists and marketing people. But am I reading too much into the sentence "Here is a link that you can utilize as an option to obtain ithe necessary coverage: (fill in the link)".

Honestly though, it's been a while since I got a call from LSI. So at this point in time, this is moot for me. I got my E&O from NR. I got my BGC from NR. And I will continue to support NR. If and when I get a call from LSI, (or other entities drinking the same kool-aid) and the subject of my E&O supplier (or BGC) comes up, I will respond that who I get my insurance (and BGC) from is my choice, and a matter of how I run my business. This BTDT entity isn't the only rodeo in town.

Reply by snowflake/PA on 10/19/13 11:16am
Msg #488754

My E&O is double what they are now requiring which I have

always maintained. My BGC from Lexis-Nexis. Been getting calls from them for assignments.