Your policy limits are typically state-specific. As an example, you may see CRES policy limits shown as $500,000/$500,000 in many states (but FL, ND, and TX — including many other states — have $1 million/$1 million limits).
Policy limits determine how much coverage you will receive for each claim (the per-claim limit, which is the first number) and the maximum total the company will cover for all claims paid out within a policy period (aggregate limit, the second number). When comparing policies, it’s important to ensure you’re comparing the same coverage limits.
CRES real estate E&O + ClaimPrevent® policies come standard with high coverage limits. Our per-claim limit is typically 5 TIMES HIGHER than other insurance companies, but without charging you more. We also offer you the ability to customize your E&O policy to include higher coverage limits if your business sales activity suggests you should have them. Our real estate E&O specialists can help you determine what limits are best for you.
CRES E&O can also provide a separate limit for legal defense costs, equal to your aggregate policy limit. This means that your claim damages coverage limit is separate from your defense costs coverage limit, so they don’t share and reduce overall funds available for one or the other. (See the details for your state.)
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.
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