Many agents choose to purchase their own policy to cover activities not covered by their Firm’s policy, to reduce their retention (out-of-pocket claims expense), to ensure you’re protected should your Firm’s coverage lapse, or to offer CRES warranties, Seller’s Protection Plan, and other benefits to clients.
An agent policy also covers past sales, as long as you can show you’ve had continuous coverage through your Firm or your own policy. This is important when moving offices, since the E&O coverage does not normally follow you when you move, and your new Firm will not cover your previous transactions.
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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