With concerns about cybersecurity at a high level in today’s title insurance world, companies and agents must pay special attention to their insurance policies and make sure they are covered for any losses that may occur.
It’s a complicated world that is changing at breakneck speed, so The Title Report asked Bruce Phillips, senior vice president and chief information security officer with MyHome, a Williston Financial Group; Michele Green, senior vice president/agency operations, Fidelity National Financial, and Sean Hanifin, former claims counsel for the Title Industry Assurance Co., to help title professionals understand it better.
Phillips said when it’s time to renew an insurance policy, many title companies flip straight to the premium line, but he noted that focusing only on price can leave a business “dangerously exposed.”
When title agents renew their policy, Hanifin said the biggest error they make is not reading the documents. They should make sure to review the coverage available for social engineering and seller impersonation, as well as the verification requirements for the coverage. Secondly, they need to examine when they are obligated to provide notice of claims and/or circumstances that might give rise to claims.
Green also pointed out some of the common errors title agents make when their policy is up for renewal. “First and foremost, not reviewing it in detail or reading it at all,” Green said. “Second, relying on an insurance broker who doesn’t deeply understand the title and settlement business and exactly what we do every day.
Read the full story in the 2025 Title Technology In-Depth Report, available here as a free download.