Misunderstandings happen. Like the time Lisa, a mortgage broker, told a buyer they were “good to go.”
Lisa meant that the buyer had submitted everything she needed to review their loan. The buyer thought “good to go” meant that they were approved for the loan, and they put a $10,000 down-payment on a home.
When the buyer was not approved and had to forfeit the $10,000, they wanted reimbursement from Lisa. This simple miscommunication could have been very costly for Lisa.
Fortunately, Lisa had an individual CRES real estate E&O plan with pre-claim access to a local expert Risk Management attorney. The attorney worked quickly with all parties to come to a resolution, prior to a costly claim being filed.
Words aren’t always clear, but this is: CRES Risk Management has no retention (out-of-pocket claims expense), doesn’t count as a claim, and will not affect your policy cost.
While other insurers want to hear from you only after you have a claim, CRES wants to hear from you before that. Risk Management aims to resolve early issues before they turn into claims. CRES Risk Management offers phone consultations, legal resources and more to reduce your risks.
Worried about an issue that you think might turn into a claim? Call the CRES Stress Less hotline. We want to hear from you so our Risk Management team help you avoid claims.
Not a CRES real estate E&O member yet? Get superior Errors & Omissions protection at an exceptional value, with pre-claim legal help included. Check our our individual and company E&O plans for real estate sales, property management, mortgage brokers, appraisers, transaction coordinators, and escrow.
