An In Depth Study Of Title Agency Bond
We write $50,000 Title Service Agency Bonds in Maryland. In lots of states individuals who employ aggressive charges to affect purchasers to move to different energy suppliers should have a surety bond earlier than being licensed as vitality brokers.
A title agency bond is a surety bond required of title businesses, which guarantees that they comply with state guidelines and rules, as well as with industry requirements. The title agency bond’s goal is to protect a title agent’s purchasers from dishonest practices and financial losses, and shield the state from legal responsibility if these were to occur.
Title Agency Bond, A Guide
The Maryland Insurance Administration (MIA) points licenses to people and enterprise entities to behave as Title Insurance Producers. A Maryland Title Agent is required by the Insurance Commissioner of State of Maryland to have a bond for a $a hundred and fifty,000 protection restrict. The aim of the bond is to ensure that folks which are exercising management over trust money do not spend or use this trust cash for any method aside from licensed to do so. A misuse of the money by the one entrusted with it, would result in a declare.
This insurance protects your Title Agency from losses occuring from specified accidental errors or omissions, corresponding to errors within the title documentation process or miscalculations of loan prices. The protection offers defense costs, should you be sued, and covers damages up to the restrict of your policy.
Whether you’re an individual looking for a particular kind of bond, or run a enterprise with a wide range of bonding requirements, Travelers can provide a surety program tailored to your wants.
North American Title
Surety provides Nationwide Title Insurance Providers, title insurance safety and professional settlement services for homebuyers and sellers, real estate agents and brokers, mortgage lenders, industrial property professionals, homebuilders, builders and legal professionals to facilitate real estate purchases, construction, refinances or equity loans. 4. For the purpose of determining its financial situation, fulfillment of its contractual obligations and compliance with regulation, the Commissioner or a consultant of the Commissioner or the Commissioner of Monetary Establishments of the Department of Business and Industry or a representative of the Commissioner of Financial Establishments of the Division of Business and Industry when requested by the Commissioner of Insurance shall every year examine or cause to be examined the affairs, transactions, agreements, assets, data and accounts, including the escrow accounts, of a title agent, title insurer or escrow officer.
No matter whether there’s a particular requirement to hold the bond or not, it at all times best for peace of thoughts and to guard your self from workers stealing money, including escrow and working funds is to have a title agent bond.
The Importance Of Title Agency Bond
The Maryland Insurance Administration (MIA) issues licenses to individuals and enterprise entities to act as Title Insurance Producers. NRS 692A.210 Waiver of proper to buy proprietor’s title insurance upon issuance of policy to mortgagee; form of notice and waiver.