Errors and Omissions Insurance
What Real Estate Brokers Need to Know About Cyber Liability Coverage
Cyber security is a growing issue globally, and the real estate industry is particularly vulnerable because the transactions you’re dealing with are of such high value. This, unfortunately, provides sufficient incentive for criminals to try and make a quick dollar. According to the Forbes Real Estate Council, real estate wire fraud is one of theRead More
What Real Estate Brokers Need to Know About Fidelity and Crime Bonds
Are you a real estate broker managing multiple real estate agents, either as employees or contractors? As the number of people within your team increases, so does your risk. And, as a real estate broker, it’s important to mitigate these risks and ensure your business is adequately protected. Fidelity and Crime Bonds are one wayRead More
Protecting Yourself Against Contingent Liability
As a real estate agent, it’s important to understand what contingent liabilities are and what’s covered under your E&O insurance. A contingent liability is a liability or debt that may or may not occur depending on the outcome of a specific event. Common examples in the real estate industry are lawsuits and pending investigations, asRead More
Subpoena Coverage: Who Needs It and Why
Recently, a CRES client, a real estate broker, received such a subpoena. One of his former agents had been the listing agent for the family home of the divorcing couple. Although there didn’t appear to have been any assertions made against the broker or the former agent, the broker had been subpoenaed. In this case,Read More
How to Protect Yourself from the Most Common E&O Claims with Better Coverage
Hopefully, you’ve never been sued, had to go to trial, or had a real estate E&O claim. It’s not fun. What can make an already stressful situation even more stressful is if you don’t have Errors and Omissions insurance coverage — or enough coverage, or even the right coverage. You buy insurance thinking it’s goingRead More
A Real Estate Broker’s Guide to Per-Transaction E&O
If you’re looking to purchase or renew your real estate Errors and Omissions insurance for your office, you may want to consider a Per-Transaction payment option. With a Per-Transaction payment, you don’t need to pay the full year’s policy premium upfront. Instead, you pay a monthly amount, based on the transactions you complete each month,Read More
Expanding Your Real Estate Services? Don’t Forget to Expand Your E&O to Cover the Risks
Have you expanded your real estate services since you last renewed your real estate E&O insurance? Are you sure you have coverage for everything you’re now engaged in? (If you have a “generic” E&O policy used for many industries, you may not be covered for many of your real estate activities.) Changes in real estateRead More
Do You Need Your Own Real Estate E&O Insurance Policy? Firm vs. Individual
Even if your firm carries amazing real estate E&O insurance, there can still be gaps, limitations and exclusions. These potential gaps vary from firm to firm based on their most common business activities and overall coverage needs. This is why having an individual real estate E&O Policy tailored to your exact activities and history isRead More
How to Customize Your Real Estate E&O Insurance to Get Exactly What You Need
Odds are that you don’t need every type of coverage that a real estate E&O insurance policy could include. For example, if you’re just getting started in real estate, you likely won’t need to buy extra Full Prior Acts coverage (because you haven’t closed any transactions or ‘prior acts’ if this is your first timeRead More
Avoid Real Estate E&O Claims Resulting From Agent-Owned Property Sales
Real estate professionals have an inside track when it comes to buying and selling real estate for their own interest or investment purposes. However, these Agent-Owned Property transactions can create risks that aren’t covered by real estate E&O insurance, leaving agents responsible for costly E&O claims and lawsuits. So how can you reduce your riskRead More