Errors and Omissions Insurance
Real Estate E&O Coverage for Prior Transactions: What Are My Options?
Never heard of Full Prior Acts or didn’t know there was a difference in Prior Acts coverage? You might wonder if one covers you for transactions that occurred in the past, why doesn’t the other? Are there exclusions? Here are the important differences you need to know between Prior Acts coverage and Full Prior ActsRead More
Your Real Estate E&O Insurance Q and A
Real estate E&O insurance and claims prevention does not have to be complicated or scary. The first smart move is to get educated, so you know how to buy only what you need; the second is to get insured. We have compiled the most common questions we get asked about real estate E&O insurance andRead More
Are You Protected from Prior Acts? A Guide to How Far Your Real Estate E&O Protection Extends
There are varying schools of thought within the real estate community about the usefulness of personal Errors and Omissons (E&O) insurance. Many professionals still believe that if the firm they are working for has insurance, then they are covered for all acts. They also believe that should they move firms, the policy of their oldRead More
Why do you need an individual real estate E&O insurance policy?
Firms typically have basic E&O insurance. However, having individual, personal coverage will not only cover gaps that you might not be aware of, it will give you customized business tools and services that fit your exact needs. But do you know everything you need to know about your firm’s policy? Do you know where theRead More
Webinar Event Recap for Real Estate Licensees: It’s not too late to learn how to protect yourself
It’s not too late to learn how to protect yourself from real estate Errors and Omissions insurance coverage loopholes that can leave a real estate career in ruins. Each year in the United States, more than 13,000 real estate professionals are faced with a lawsuit. It happens. Mistakes happen. But what may surprise you isRead More
Glossary of Real Estate E&O Terms and Coverage
A-Rated: The highest rating classs from A.M. Best, an independent company that rates insurance companies on their financial stability and future claims-paying ability (see www.ambest.com). Admitted: An insurance company authorized and licensed to transact business in a given state. An admitted company is monitored by the state for financial stability, covered by the state’s guaranty fund,Read More
Real Estate E&O FAQs
Business Risks What are the risks in transacting real estate sales that a business or individual needs coverage for? Lawsuits are filed every day in every part of the country. With the complexities involved in real estate transactions, there are no guarantees that you will never receive a demand letter or be named in aRead More
Anticipating the “Flood” of Post-Sandy E&O Claims for Insurance Brokers
Guest blog written by John R Gonzo, ESQ. Mr. Gonzo is the Managing Partner of the Gonzo Law Group and specializes in professional lines defense. He can be contacted at jgonzo@gonzolawgroup.com | www.gonzolawgroup.com Superstorm Sandy devastated portions of New Jersey, impacting individuals and companies of all types, including insurance brokers. Stories of insurance brokers, whose offices hadRead More
Minimizing Realtor Liability When Listing Foreclosure Properties
Real estate brokers and agents are often hired by banks to market and sell properties after a foreclosure. When dealing with foreclosure properties, you may be confronted with a former owner who has not vacated the premises and/or removed their belongings from the foreclosed property. This article will discuss how you can minimize your liabilityRead More
Home Inspections: Don’t Oversell One to Your Real Estate Clients
Recommending a home inspection company is a helpful and valuable service a real estate agent can perform, however, it can also lead to a real estate lawsuit. And while the courts mostly rule in favor of the real estate agent, it is important to take steps to guard yourself against a real estate lawsuit whileRead More