EXTON, Pa., Jan. 14, 2016 /PRNewswire/ -- XL Catlin and
RPS/Plus Companies today announced the availability of two new
endorsements – making data breach and added theft protection
available -- for their professional liability insurance program
specifically designed for title and escrow
agents.
"People like to hold service providers accountable," according
to Frank Palermo, Underwriting
Manager of XL Catlin's Commercial Errors & Omissions (E&O)
business in North America, "If
there is any question about the services they provide, title and
escrow agents, notaries and others should have strong professional
liability protection and guidance to help defend their work."
According to Bob Ciuffreda, area
president of the Bridgewater,
NJ-based RPS/Plus Companies, "These service
professionals can find themselves facing claims alleging incorrect
title searches, missed easements, incorrect legal descriptions,
failure to record, fraud, and theft. Plus, today, they must
face the growing threat of a data breach that could compromise
their information and clients' trust. Business risks are constantly
changing and we're constantly working to make sure our insurance
programs offers relevant, strong protection."
To address growing data breach exposures, a new policy
endorsement is available, adding up to $100,000 in coverage for a data breach and breach
mitigation expenses.
Also, a new PLUS+ Advantage endorsement extends the program's
professional liability coverage offering:
- Theft of Funds Coverage with a sub-limit of $100,000.
- A separate limit of liability for defense expenses
- A 50% reduction to the extended reporting period premium for
policyholders continuously insured for 4 years (loyalty
discount)
- A no charge death or disability extended reporting period.
With limits of liability up to $5
million per claim and a $5
million annual aggregate, the XL Catlin/Plus Companies
professional liability program is designed for US-based title
agents, title abstractor, closing agent, escrow agent, or notaries
with revenues up to $10 million.
Coverage is underwritten by the Plus Companies' specialized
professional liability underwriters and provided by the XL Catlin
group of insurance companies.
About RPS Plus Companies, Inc.
RPS Plus Companies, Inc. is a program administrator founded in 1985
to solely underwrite Lawyers Professional Liability Insurance.
Since then the company has expanded to provide specialized
professional liability programs for title & escrow agents,
insurance agents & brokers and other miscellaneous classes of
business. To learn more, visit thepluscos.com.
About the XL Catlin Insurance Operations
The XL Catlin insurance companies offer property, casualty,
professional, financial lines and specialty insurance products
globally. Businesses that are moving the world forward choose XL
Catlin as their partner. To learn more,
visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group
plc's (NYSE:XL) insurance and reinsurance companies which
provide property, casualty, professional and specialty products to
industrial, commercial and professional firms, insurance companies
and other enterprises throughout the world. Clients look to
XL Catlin for answers to their most complex risks and to help move
their world forward. To learn more, visit xlcatlin.com.
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SOURCE XL Catlin