Seller’s Protection Plan (SPP), also known as Seller’s E&O, gives your clients their own E&O policy for 180 days (and it can be extended an additional 180 days).
This is available on most CRES E&O policies, and with CRES Qualified Home Warranties in certain states, and will cover homes where you are the listing agent. The standard protection is $25,000, but the benefits can be combined, so in many states, coverage can reach $50,000. For example, as a CRES E&O client, you can give your seller $25,000 in Seller’s E&O coverage. When you purchase a CRES Qualified Home Warranty for that seller, it comes with an additional $25,000 in Seller’s E&O.
There is a $2,500 retention (out-of-pocket claims expense limit) for the seller, and coverage is restricted to primary residences. More about Seller’s E&O.
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.
Real Estate Pros can reduce out-of-pocket claims costs with a CRES Advantage 13-Month Home Warranty Plan by Fidelit… https://t.co/XFZ6Dgy5F8Give your real estate sellers up to $50,000 of Seller's E&O to protect them from a disgruntled buyer after the clos… https://t.co/q5alvDnVTT