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Is underwriter responsible for policy issued during interim?
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Court Report
Monday, September 10, 2018
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A title agency began work on a transaction while it was an agent for one underwriter, which dropped the agent before the closing protection letter or title policy could be issued. The policy was issued under its new underwriter, who also later dropped the agency. The insured mortgagee later went to the new underwriter seeking coverage for a claim which the original underwriter refused to pay. The Maryland Insurance Administration investigated the mortgageeās complaint against the underwriter and the case eventually went before the Court of Special Appeals of Maryland. Read on for more details.
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