NC Closing Attorney Best Practices Task Force
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    • Best Practice #1: Licensing
    • Best Practice #2: Trust Account Controls
    • Best Practice #3: Information and Data Privacy and Security
    • Best Practice #4: Settlement Policies and Procedures
    • Best Practice #5: Title Policies and Post-Closing
    • Best Practice #6: Malpractice, Errors & Omissions and Fidelity Coverage
    • Best Practice #7: Consumer Complaints
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Best Practice #6:  Malpractice, Errors & Omissions and Fidelity Coverage

Maintain appropriate professional liability insurance and fidelity coverage.

PURPOSE:  Appropriate levels of professional liability (errors and omissions insurance) ensure that attorneys have the financial capacity to stand behind their professional services. In addition, lenders may require a law firm to maintain fidelity bond and surety bond policies with prescribed minimum amounts of coverage.

INFORMATION:

RESOURCES (See Resources page):

Lawyers Mutual Liability Insurance Company of North Carolina  -- malpractice   
Lawyers Insurance Agency  -- other types of insurance, including crime (fidelity), cyber liability, among others  

ALTA Best Practices information   

Sample template (see also title company versions, links on Resources
page)


 



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