Highest coverage, lowest liability, and zero compromise.

High stakes – low liability: Closinglock’s new insurance offers the highest coverage in the title industry

Summary: Closinglock now includes direct, purpose-built insurance coverage of up to $2.5 million for each wire transfer verified through its portal at no additional cost to its customers. Each customer receives a certificate of insurance and a safety net they can rely on in an increasingly high-risk real estate market.

November 20, 2024 – Title companies face mounting pressure to safeguard their businesses and clients amid escalating fraud threats, unpredictable market dynamics, and the need to protect their bottom line. To provide them with the assurance they need in an increasingly high-risk industry, Closinglock, a leader in secure real estate transaction management, has developed an insurance offering specifically tailored for its customers—a level of protection traditional banks cannot offer. 

Closinglock Insurance provides up to $2.5 million in coverage per wire transfer verified through its secure platform, offering title companies the highest available protection against potential losses. Backed by Lloyds of London, a globally recognized insurance leader, this policy offers direct coverage for Closinglock customers, helping them reduce liability and protect clients with confidence.

“Title companies have been asking for an added layer of security designed for their needs,” said Weston Conway, COO at Closinglock. “While we’ve already securely facilitated the transaction of over $350 billion in real estate transactions without incident, we understand the importance of providing our customers with a purpose-built safety net.”

Closinglock wire fraud insurance coverage is separate from and in addition to its Errors and Omissions Insurance (E&O) policy, which it has always offered its customers. This new policy has been developed specifically for the transaction closing process within the Closinglock platform.  

With this latest update, Closinglock delivers a dual layer of protection, combining its industry-leading fraud prevention tools with an enhanced dedicated insurance policy that title companies can rely on. Closinglock customers become directly insured under the policy, complete with a certificate of insurance, offering streamlined claim processing and direct access to protections and payouts. It is also the only company that offers an insured flow of funds through its Good Funds Payments tool, “the Venmo of real estate.”

Closinglock has set out to make its insurance offering transparent and easy to understand, so it’s explicit in laying out what the policy covers as it relates to the product, and settlement companies don’t have uncertainty or concerns they are at risk.

“This is included as part of our platform and at no additional cost to our customers,” said Conway. “We invested in this policy for our title company partners, so it was very important that we delivered a policy without any confusing exclusions or misleading promises. And we can truly say this is the most robust wire fraud insurance policy on the market.”

About Closinglock

Closinglock provides the real estate industry with fraud prevention technology, modernizing transactions through a secure, easy-to-use platform. Closinglock includes identity verification, secure wire instructions, payoff verification, e-signing, and document management. It is the only company that offers a “Venmo of real estate” to its customers. Trusted by hundreds of title companies and law firms and supported by leading financial service providers, including J.P. Morgan, Closinglock has protected more than $350 billion in transactions. Learn more at Closinglock.com.

Media Contact:

Nicole Krouse
VP of Marketing, Closinglock
[email protected]
269-240-7169