The Agent-Owned Property (AOP) endorsement adds coverage when you want to be the listing agent
on the sale of your own, or a direct relative’s residential one to four unit property,
There are specific rules which must be met in order for the carrier to insure the sale of AOP:
A written home inspection report is issued by an ASHI, CREIA, NACHI, or NAHI member inspector
An approved home warranty is in place
All state required property transfer disclosure statements are properly completed, signed and delivered
The property in which the insured holds an interest consists of 1-4 residential units.
The coverage is a broadened coverage to the standard E&O policy coverage. Coverage is intended for selling your own properties. Unlike other E&O companies that only offer coverage for your primary residence, CRES will cover other residential property where you hold an ownership interest.
This blog/website is made available by CRES Insurance Services for educational purposes to give you general information and understanding of legal risks and insurance options, not to provide specific legal advice. This blog/website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. Claims examples are for illustrative purposes only. Read your policy for a complete description of what is covered and excluded.
Here’s how your real estate agents can use home staging as a tool to boost sales, but also manage the risks…
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