ALTA Best Practice #6 is Maintaining the correct professional insurance and fidelity bond coverage.

The correct levels of professional insurance and fidelity coverage allow for companies and settlement companies to maintain the financial capacity to guarantee their professional services.  In some states laws have been created which require a certain level of professional insurance and fidelity coverage, as well as errors or omissions insurance and surety bonds.  This could also be found in some insurance underwriting agreements.

Your agency should keep up to date with all professional liability insurance and errors and omissions insurance

Make sure your company follows state laws and obligations of insurance underwriting agreements by having the correct levels of professional insurance, fidelity coverage, errors and omissions insurance and surety bonds.

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