Starting a title insurance agency in NYC?

In NY, title insurance agents don't need a license. What other legal, regulatory, or other requirements are there?

What percentage do agents usually receive from underwriters for business generated? What is the low and high range of the percentage?

What insurance or bonds do you need? I know of E&O Insurance? What is the minimum I should get? How much should it cost? The same with bonds...

What are the capital requirements? How much is needed to start? How much should be maintained in the bank?

What will be needed to transition from agency to underwriter?

Do you need office space in NY? can it be done out of a home office?

Thanks for any help.

Why is it that some people have to judge and belittle people? You mean to tell me that there is nothing I can do? BS. I bet even though I know nothing now, I will find a way around your issues and easily. And you know why? I know someone who can pass me a percentage of title business relating to property worth approximately $500 million to $1 billion. For that kind of money, I will find a way.

So if you aren't planning on helping, then please don't answer.

Honey, you know NOTHING about the business! Any advice you get over the internet will be worth EXACTLY what you pay for it - NOTHING.

Since you have NO IDEA how the business works, I'd STRONGLY suggest getting a job at a title insurance agency!! Even answering the phones would teach you about how it works!!

It completely amazes me that people think that you don't need any knowledge or backround to start/run a successful business. I'll tell you right now, with NO EXPERIENCE, no one will give you any insurance, E&O, or GL, and you'll have to provide a letter of credit for the bonds!!! No one will let you sell their POLICY! Which means, you can only be bonded for your $100,000 if you post $100,000 CASH!!!v And you're NOT going to make any money.


** that is NOT a belittling answer. It's a real world answer. You want to start a business, and you have no idea how it works, or how to run it, or what your expenses will be, or what you need to get started. I gave you a REAL WORLD ANSWER - if you're not willing to hire a business consultant ($120,000 a year, estimate) to train you up, then the NEXT best way to get your answer is to get a job in the field.

Know what they call entrepeneurs that rely on anonymous, unspecific internet advice to start up a company, in a field in which they KNOW NOTHING? BANKRUPT.**

James, I understand your frustration with users who have such a bad attitude. I don't know NY law/reg and I don't know much about the business either. That said, however, you may want to start as an agent, judging by above. Once an agent with an insurer, I am sure that if you have the ability to bring in that kind of business that they will educate you on how to transition. The insurer clearly has an interest in obtaining the business. I find it hard to believe that an insurer would not do whatever they need to do in order to bring you to the table with your clients and potential business. You are coming to them with money. They will figure out a way to offer an appropriate incentive along with the guidance.

The main thing is to stay focused on your goal. Try Land America. Look them up. Fill out the inquiry form. Also, you may want to try Security Title.

Security Title offers a unique "Certifying Agent Program" to help train newcomers in proper underwriting, closing and recording practices and to keep more experienced attorneys with a limited real estate practice active in the field of real property law. Through the Certifying Agent program you earn a commission on the title insurance premium while receiving extra service and support in order to provide expert real estate services to your customers and clients. (This is from their website.)

I will try to get in touch with you soon. Good luck and I wish you the best.