COVID-19: GAP COVERAGE
Thomas Title – An Independent Agency
As an independent title agency, Thomas Title works with the top national title insurance underwriters. We steer each transaction to the best insurer for optimal results. The value of this flexibility has significantly increased in the face of the challenges presented by the current COVID-19 pandemic.
Recording Office Closures
As the number of COVID-19 cases increases, and as social distancing practices become more prevalent, we are seeing more governmental recording office closures. Should recording capability become unavailable, “gap coverage” allows transactions to close by providing title insurance from the time of disbursements, despite the delayed recording.
We continue to monitor the status of recording offices around the country, and the gap coverage and
Remote Online Notarization guidelines of our underwriting partners.
Please contact us if you have any questions about closing real estate transactions anywhere in the country.
STATUS AS OF: April 22, 2020
| Underwriter | Gap Coverage | Remote Online Notarization (RON) |
|---|---|---|
| First American | On a case-by-case basis | Permitted through April 30 |
| Fidelity | Up to $10 million | Permitted for residential transactions through April 30; Up to $1 million without additional approval |
| Stewart Title | Up to $3 million | Up to $5 million without additional approval |
| Old Republic | No specified limit | Residential only, up to $1 million |
Note: This is a simple representation of gap coverage offered by the underwriters, and doesn’t present all requirements, terms, conditions, and limitations. Coverage may vary on a county-by-county basis, and is subject to change without notice. All underwriters require a specific affidavit, and most require a specific indemnity. High-risk factors (including construction loans) require additional underwriting. RON is not available in all states, and the regulations governing RON vary state-by-state. Each underwriter has its own guidelines and authorized RON vendors. Please contact us to learn about gap coverage and RON availability for your particular circumstances.
