Notice of Closing Protection Coverage (CPC) (Ohio)

Pursuant to Ohio Revised Code Section 3953.32, you are hereby notified of the availability of Closing Protection Coverage in connection with the above-referenced transaction for the premium stated in the Offer of Closing Protection Coverage outlined below.

Closing or settlement of a real estate and/or mortgage loan transaction can be characterized as having two components.  One component pertains to the title to the Premises and the title insurance policy therefore.  The other component pertains to the handling of funds and documents by the Licensed Agent.  A title insurance policy does not cover losses due to the mishandling of funds or documents by the Licensed Agent.  However, Closing Protection Coverage, as outlined below, does provide such protection.

Description of Coverage: The Closing Protection Coverage indemnifies you against the loss of settlement funds resulting from any of the following acts of the Licensed Agent or anyone acting on behalf of the Licensed Agent, subject to certain conditions and exclusions specified in the Closing Protection Coverage Form:

(1)    Theft, misappropriation, fraud, or any other failure to properly disburse settlement, closing or escrow funds; and

(2)    Failure to comply with any applicable written closing instructions, when agreed to by the Licensed Agent.

You are covered by a Closing Protection Coverage Form only if it is specifically addressed to you. A copy of the Closing Protection Coverage Form is available upon request.

Pursuant to Ohio Revised Code Section 3953.32, you are hereby offered Closing Protection Coverage in connection with the above-referenced transaction.

Premium Cost: The premium cost for the Closing Protection Coverage is $35.00 for Lender; $50.00 for Seller; $15.00 for Buyer/Borrower; and $15.00 for any other applicant for title insurance, and in no case shall the premium cost be less than $35.00 for this coverage in any transaction.

For More information about Closing Protection Coverage, please Contact Us.