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 E&O policy with access 7 days a week to a local 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 when 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.
Did you have a contract review or situation that you could have used our legal advisory services for in your real estate business? Tell us about it below.
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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