CRES Insurance Services and BuildFax® Partner to Offer Building Permit History Reports
– Approximately 20 percent of errors & omission insurance claims result from issues related to permits –
SAN DIEGO and ASHEVILLE, N.C. – April 7, 2015 – CRES Insurance Services, a national firm committed to the daily protection of real estate professionals and BuildFax®, creator of the first and only national database of historical building permit data, announced today the formation of their strategic partnership.
Together, the companies deliver Building Permit History Reports that give real estate professionals easy access to definitive building permit histories on virtually every property in the United States.
“Nearly 20 percent of a real estate professional’s operational risk arises from issues relating to permit history. Worse yet, we routinely see real estate professionals pile risk and exposure onto themselves by making permit representations. This product is yet another innovative way for CRES to fulfill our mission to protect real estate professionals. We view this as both the privilege and responsibility associated with being an industry leader and innovator,” said CRES Insurance Services CEO Steven Sargenti.
Real estate professionals now have fast and easy access to valid third-party resources to disclose permit history data. The product also gives CRES Insurance Services clients a $2,500 Retention (out-of-pocket claims expense) Reduction when a Building Permit History Report is provided to a real estate buyer or seller associated with a particular claim.
BuildFax CEO, Holly Tachovsky, echoed the value of Building Permit History Reports. “We know that the most successful real estate professionals are those that help their buyer or seller make better decisions. The building permit history is a key factor in evaluating any property; it’s like a changelog for a property, invaluable for assessing the risk and value of a property as it changes over time. CRES is breaking new ground by acknowledging the vital nature of permit data and putting this essential tool at the fingertips of their customers. We are excited to support their efforts.”
More information on Building Permit History Reports.
BuildFax® helps insurance carriers, lenders, appraisers, inspectors, realtors, and everyday property buyers and sellers make better decisions about a property’s current condition and changes over time. As the creator of the first and only national database of historical building permit data, BuildFax provides this intelligence through unrivaled property-level details on relevant property events, such as major remodels, additions, and new roofs. The BuildFax database of permits continues to grow, currently covering more than 7,500 U.S. cities, counties and townships, 90+ million residential and commercial properties, and includes over 10 billion data points on those properties.
About CRES Insurance Services
Founded in 1996, San Diego-based CRES Insurance Services is a national leader in delivering innovative Real Estate Errors and Omissions insurance solutions. The company uniquely marries E&O with Legal Advisory Services, to help prevent claims before they ever happen. CRES serves tens of thousands of real estate firms and professionals across the United States with safe, simple, and smart risk avoidance and mitigation strategies.