September 20, 2011
ALPS Announces Southern Title Problems
The VSB’s endorsed professional liability carrier, ALPS (Attorneys Liability Protection Society), has announced that Southern Title, the title company which it purchased in July 2009, has suspended issuing new title policies. See the press release issued by Southern Title.
Chris Newbold, Executive Vice President of ALPS Corporation, said that because of a series of claims arising from an agent's defalcations in Texas, Southern Title is at risk of falling below its minimum statutory surplus requirement. ALPS told the VSB this move should have no impact on ALPS lawyers' processional liability business in Virginia or its relationship with the VSB. The VSB’s Lawyer Malpractice Insurance Committee will be meeting on September 28, 2011, to discuss this issue, as well as other items on its regular agenda.Updated: Sep 20, 2011