Secure Settlements Forms E&O Partnership – NMP Skip to main content

Secure Settlements Forms E&O Partnership

NationalMortgageProfessional.com
Oct 24, 2012

Secure Settlements Inc. has announced a partnership with Arthur J. Gallagher & Company, a global risk management and insurance services provider, to offer easily accessible and discounted errors and omissions (E&O) insurance opportunities to Secure Settlements member closing agents. Under the agreement, Secure Settlements members will receive premium quotations from a wide range of carriers, which could reduce the cost of their E&O insurance. “The professional liability, or E&O, insurance market for closing professionals has shrunk considerably over the past year,” said Secure Settlements CEO Andrew Liput. “For the dwindling number of insurance carriers in this market, rates are rising, deductibles are increasing and limitations are tightening. Through our partnership with Arthur J. Gallagher & Company, we are aiming to reinvigorate this insurance market by offering premium opportunities to our members.” Arthur J. Gallagher & Co. offers claims-made policies with retroactive coverage for qualified applicants with multiple limit and deductible options to a broad range of professionals, including notary publics, title agents, escrow and closing agents, title abstractors, corporate document searchers and title examiners, all of which can be vetted through the Secure Settlements program. “We understand the importance of affordable and dependable professional liability insurance,” said Liput. “That’s why we’re pleased to partner with Arthur J. Gallagher & Co. to bring this opportunity to our members. As we work to expand our portfolio of member benefits, this opportunity represents an important added value for professionals interested in being vetted through Secure Settlements.” Secure Settlements verifies closing entities and individuals in real-time and provides a standardized evaluation and reporting platform for mortgage lenders and warehouse banks. In addition to the internal risk management program benefits, the process assists these institutions in substantiating third-party service provider relationships and meeting regulatory guidelines established by the Office of the Comptroller of the Currency (OCC), Fannie Mae and the Consumer Financial Protection Bureau (CFPB).
Published
Oct 24, 2012