Louisiana Real Estate Errors & Omissions (E&O) Insurance
Deadline to Renew: December 31, 2019
5 Times the Per-Claim Coverage – 8 to 100 Times the Protection in These Critical Areas
|Legal Advisory Services included 7 days a week||No help pre-claim|
|$500,000 policy limit for Lock Box Property Damage||$5k/$10k|
|$100,000 or sales price (whichever less) for Pollution||$5k/$10k (extra fee)|
|$50,000 Cyber coverage||$5K|
|$30,000 Subpoena coverage||$2.5k|
|$20,000 – $50,000 Disciplinary Hearings coverage||$2.5k – $5k|
|Agent-Owned SFRs to fourplex||Primary residence only|
Plus, you have the opportunity to attract more listings and commissions by adding Seller’s E&O for just $5. You’ll cover your entire year’s Louisiana E&O with your first additional listing!
- Be protected to $500,000 per claim — that’s 5 times the coverage of the state program! Plus, you’ll have $200,000 MORE coverage than the state program to cover total claims during the year. And a separate limit for unlimited defense costs.
- Plus Legal Advisory Services 7 days a week to help prevent everyday issues from escalating into lawsuits.
- Lock Box Property Damage protection up to your policy limit (while the state program only covers $5k per claim) – you’ll have 100 times the coverage!
- Pollution / Environmental – you’ll be protected up to the most recent sales price or $100,000 (whichever is less) – versus $5k per claim. On a $100,000 sale, that’s 20 times the coverage!
- $50,000 in Cyber coverage for client notification costs due to a data/security breach (the state program will cover only $5k of your costs). This is an area where claims are increasing, because agents are being targeted by hackers and scammers. We’ve seen the claims, and we want you to be protected. That’s why we give you 10 times the coverage!
- $30,000 in Subpoena coverage – versus $2.5k per incident – 12 times the coverage!
- $20,000-$50,000 per enrollment period for Disciplinary Proceedings assistance – versus $2.5k-$5k – at least 8 times the coverage!
- Agent-Owned Property coverage for single-family dwellings up to fourplex – versus coverage only for your primary residence.
- Conformity Endorsement coverage – this amends your Louisiana E&O policy (for Louisiana residents) so that it also conforms to any E&O requirements in other states where you hold a valid real estate license.
- PLUS, our Louisiana policies have ALWAYS included: No out-of-pocket costs for claims where only attorney’s fees are paid, no limit on attorney’s fees that will be paid for a claim, Firm and Franchise Coverage, and Prior Acts coverage for as long as you’ve maintained continuous real estate E&O insurance. Your CRES E&O includes coverage for ALL activities that require a license.
CRES gives you AN INCREDIBLE AMOUNT OF COVERAGE – and MORE INCLUDED SERVICES:
- Offer potential sellers an extra $25,000 in Seller’s E&O when you purchase a CRES Qualified Home Warranty from Old Republic Home Protection.* Learn more
- 25 Free CRES Building Permit History Reports (a $99.95 value) per year. Plus you’ll save on additional reports. Give a Report to your buyer and climinate your out-of-pocket claims costs! A CRES Exclusive
- $1,000 retention (out-of-pocket claims expense) – eliminate it by purchasing CRES Qualified Home Warranties.* (Every CRES policy also includes no out-of-pocket claims expense when your only claims cost is attorneys fees.)
CRES is a FAR better protection choice than the State program for most licensees in Louisiana. We know your everyday risks when you work primarily in residential real estate. So we include SIGNIFICANTLY MORE coverage than the Louisiana state program for good reasons.
Your CRES Real Estate E&O + ClaimPrevent® policy includes access to local expert real estate attorneys available 7 days a week – for questions, writing or reviewing letters and addendums, contract review, and more – to help you actually PREVENT claims.
You may be eligible for CRES E&O even if you have past complaints or claims.
Customize your CRES E&O policy to cover only the activities you perform. (CRES policies cover all real estate activities requiring a license, as required by LREC). Base pricing is for Residential real estate services, but if you’ve received compensation for Commercial real estate activities in the past year, just add $22.
We worked with LREC to account for the new LREC Independent Coverage verification form. Upon purchasing a policy, you will receive a separate email from us with your Declarations page and an already completed LREC Independent Coverage form. Sign the form and fax both documents to LREC. LREC will collect your $7 fee as part of your online license renewal, so there is no longer a need to mail them your forms or a check.
*Final price subject to change. Comparison as of 10-29-19 based on base policy cost for licensees performing activities requiring a license. Read each policy for a full comparison of coverage and benefits. All coverage is subject to Underwriting and other qualifications. Seller’s E&O coverage and other benefits are feature based and warranty specific. The E&O Out-of-Pocket Cost (Retention) Reduction applies to any real estate licensed Real Estate Services Council Risk Purchasing Group, LLC. (“RESCRPG”) member who personally pays for the Home Warranty Plan. These benefits are offered by, and intended for, the members of RESCRPG. RESCRPG membership is part of your CRES E&O policy. Other warranties may also qualify for an E&O Retention Reduction, but only those warranties listed here are guaranteed to qualify. Not available in all states. Certain restrictions apply.
Low Cost Optional Coverage
|Seller’s E&O Coverage||Add $5|
|Fair Housing/Discrimination Defense and Damages Coverage to Limits||Add $8|
|Open House/Showings (Bodily Injury and Property Damage)||Add $8|
|Increase Limits to $1M/$1M Liability||Add $15|
|Mortgage Brokers||Add $4|
|Cyber Liability Expanded Coverage||Add $35|
CRES vs. State Program
Watch our video to learn why you get more for less with CRES. Watch our video to learn why you get more for less with CRES.