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CRES Real Estate E&O Per Transaction Policies

Running a real estate or mortgage brokerage business can be costly, especially in tough economic times like now. When you need to pay real estate Errors and Omissions insurance premiums upfront, this adds financial pressure, which can put a significant strain on cash flow for your business.

Yet, this is how traditional E&O insurance policies for real estate and mortgage brokerage offices are charged. What’s more, premiums are typically based on your income for the LAST financial year. This means you may have to pay a significnt premium upfront based on last year’s successes, even though your business may be suffering this year.. 

To make things easier for real estate and mortgage brokerage offices, CRES offers a Per Transaction Payment Plan, where transactions are paid and reported monthly. Here’s how it works…

Per Transaction Payment Plan Benefits

The CRES Per Transaction Payment Plan has low startup costs and allows you to pay your E&O insurance premiums over the life of the policy in installments. Each payment is based on your last month’s sales figures (with a minimum payment for 1 transaction each month). So, you’ll be paying for your current level of sales — not last year’s sales volume. 

One of the key benefits is you only pay for transactions that you close (beyond the minimum payment for one transaction per month). It can save potentially hundreds of dollars each year on your premium and significantly improve your cash flow during these slower economic times. 

For brokers who have a team of real estate licensees or loan officers, you can share the cost of your monthly E&O expense across your team more equitably — by only charging fees to those who complete transactions during the month. 

Policy Conditions

With the CRES E&O Per Transaction Policy:

  • You report and pay for all closings
  • There’s a minimum of one transaction due per month (and an $8 service fee per payment) 
  • This payment plan is designed for offices that do residential real estate sales or mortgage loans 
  • Restrictions and conditions apply*

Payment Options

CRES offers three convenient methods of payment so you can pay your monthly premiums quickly and easily. Payments can be made: 

  • Through the CRES Online Ledger System accessed by logging in to the Customer Console on 
  • Through escrow
  • By contacting your CRES sales representative to make a manual payment

All payments are due by the 10th of each month. 

Failure to make payment by the due date could mean you’ll be charged late fees  or your coverage could be canceled. This also puts you at risk to lose coverage for all previous transactions, since most policies require continuous E&O coverage. You will receive email/mail reminders from CRES throughout the month. So, look out for those to ensure your insurance coverage remains intact. 

CRES also offers an optional ‘Safe-Pay Plan’ that can cover your minimum monthly payment. You’ll still need to report and pay your premiums for transactions in the previous month, but this can be a good option to ensure your minimum payment is covered. 

E&O Coverage to Suit Your Budget

When running a real estate or mortgage brokerage business, it’s important to protect yourself against potential lawsuits. Errors and omissions insurance is an essential form of coverage designed specifically for real estate and mortgage professionals. 

With CRES Real Estate E&O + ClaimPrevent® paid on a per-transaction basis, you get the coverage you need at the right price. You also have access to CRES exclusive benefits, such as access to local real estate attorneys pre-claim to provide legal advice, review contracts and much more. CRES can help you avoid claims, not just deal with them when they happen. 

See more Per Transaction FAQs

Contact CRES at 800-880-2747 for a confidential discussion today and start reaping the benefits of a Per Transaction Payment Plan in your real estate business.  

*For Payment Plans, a minimum premium and an $8 Service Fee per payment applies. All coverage is subject to Underwriting and other qualifications. Read each policy for a full comparison of coverage and benefits. Not all programs available in every state. Certain restrictions apply.

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