Old Republic develops new professional liability product
Thursday, May 22, 2014
Old Republic Title Insurance Group (ORTIG) announced a joint initiative with its affiliated Old Republic property and casualty insurance group to provide a newly developed professional liability product to ORTIG’s independent agency force. The new product responds to forthcoming regulations from the Consumer Financial Protection Bureau (CFPB). The new product, “Close Safe,” will provide indemnification to ORTIG’s qualified independent title agents from claims alleging violations of American Land Title Association’s (ALTA) Best Practices.
Rande Yeager, Old Republic Title Insurance Group’s chief executive officer, said. “The CFPB’s Rule makes two things clear; first, consumers are entitled to honest and transparent conduct in residential real estate transactions; and second, the CFPB is committed to protect those consumer interests. To that end, we are highly confident the new CloseSafe product will afford verification and assurance of our independent title agents’ adherence to real estate best closing practices. This joint initiative among Old Republic affiliates reinforces Old Republic Title Insurance Group’s continued commitment to, and pride in the safe closing practices of our independent title agents.”
A formal announcement of product availability will be forthcoming in the near future as CFPB regulations are finalized. In the meantime, inquiries concerning the new CloseSafe product may be directed to the call center at 855-406-3852.
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