Rhode Island Individual Mandatory Real Estate E&O Insurance
Deadline to Renew: April 30, 2020
5 Times the Coverage Per Claim – 4 to 100 Times the Protection in These Key Areas
|Legal Advisory Services included 7 days a week||No help pre-claim, or limited|
|$500,000 policy limit for Lock Box Property Damage||$5k/$10k|
|$100,000 Environmental/Pollution/Mold||Not included|
|$50,000 Data Breach Notification Coverage||Not Offered|
|$30,000 Subpoena coverage||$5k|
|$20,000 – $50,000 Disciplinary Hearings coverage||$5k|
|Agent-Owned SFRs to fourplex||Limitations|
Just $106 for a one-year policy. Rhode Island Department of Business Regulation (RIDBR) requires only a one-year policy, so why pay for more?
Plus, you can gain more listings and boost commissions with Seller’s E&O — invest just an additional $5. Your first additional listing will pay for your entire year’s E&O!
- Get $500,000 individual claim coverage — 5 times more than the state program!* You’ll have $500,000 total policy coverage ($500,000/$500,000), plus a separate $500,000 limit for defense costs.
- Included Legal Advisory Services 7 days a week to help prevent small issues from turning into lawsuits.
- Lock Box Property Damage to your policy limit (the state program covers $5k* per claim) – that’s 100 times the coverage!
- $100,000 in Environmental protection, including Pollution and Mold (a growing area for claims) — the state program doesn’t include this coverage unless you pay extra.
- $50,000 in Cyber Liability coverage for client notification costs due to a Data/Security Breach (compared to $20k* with the state program). As a real estate agent, hackers and scammers are targeting you, and we want you to be protected. (Add up to $50,000 optional Cyber Damages and Defense coverage for $35.)
- $30,000 in subpoena coverage – versus $5k* per incident with the state program – 6 times the coverage!
- $20,000-$50,000 per enrollment period for Disciplinary Proceedings assistance – versus $5k with the state program* – at least 4 times the coverage!
- Agent-Owned Property coverage for SFRs up to fourplex – versus personal residence and percent of ownership limitations with the state program.
- Conformity Endorsement coverage – if you are a Rhode Island resident, this endorsement amends your Rhode Island policy to conform to E&O requirements of other states where you hold a valid real estate license.
- 25 Free CRES Building Permit History Reports (a $99.95 value), included with your policy each year, with discounted pricing available on additional reports. Save $2500 on your out-of-pocket claims cost when you provide a Permit to the buyer. A CRES Exclusive
With CRES, you’ll enjoy SIGNIFICANTLY MORE COVERAGE – and MORE INCLUDED SERVICES!
CRES is a FAR better protection option than the state program for most licensees in Rhode Island. We know the risks when you primarily perform residential real estate services – that’s why we include higher limits and more relevant coverage to cover your risks.
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 even if you have past complaints or claims.
As required by RIDBR, our policies cover all real estate activities requiring a license. Our base pricing is for Residential services. If you have received compensation for Commercial services in the past 12 months just add $22.
*Comparison as of 2-28-18 based on base policy cost for licensees performing residential sales only. Savings comparison assumes online purchase where state program charges a $5 convenience fee and CRES does not. Read each policy for a full comparison of coverage and benefits. All coverage is subject to Underwriting and other qualifications.
Low Cost Optional Coverage
|Seller’s E&O Coverage||Add $5|
|Pollution/Environmental Coverage ($500K)||Add $4|
|Open House/Showings Coverage||Add $8|
|Fair Housing/Discrimination Defense and Indemnity||Add $8|
|Increase Limits to $1M/$1M Liability||Add $15|
|Mortgage Broker||Add $4|
|Cyber Liability Expanded Coverage||Add $35|
|Defense Outside Limits||Add $8|
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.