To allow a title insurance company in Washington state to issue a guarantee of up to two hundred thousand dollars against fraudulent or dishonest acts committed by any employees, officers, or owners. This bill requires a title insurance company providing such a guarantee may only do so on behalf of its properly appointed title insurance agents, and also requires all title insurance agents licensed on or before the effective date of this act to comply with this act within thirty days following the effective date. See companion HB 1157.   Official Text and Analysis.

By Sen Mark Doumit, prime sponsor; Stu Halson, WA Land Title Assoc. They testified that the bill is needed to correct an unintended consequence of requiring bonding or insurance for title insurance personnel. Large title insurance companies may be able to compensate for the unavailability of this type of coverage, but small companies, in rural areas find it impossible to comply.

To allow the title agent to purchase a fidelity bond, surety bond, or fidelity insurance through the surplus lines.

To allow the title agent to purchase a fidelity bond, surety bond, or fidelity insurance through the surplus lines.

To allow a title insurance company in Washington state to issue a guarantee of up to two hundred thousand dollars against fraudulent or dishonest acts committed by any employees, officers, or owners.

To allow a title insurance company in Washington state to issue a guarantee of up to two hundred thousand dollars against fraudulent or dishonest acts committed by any employees, officers, or owners.