Why do Real Estate Agents need E&O Liability Insurance?
Real Estate Agents are often named in suits for failing to disclose defects with a property even if they are not at fault. Defense costs from such a claim can cripple the business. Real Estate agents owe a duty of care to their client to be loyal and to disclose all pertinent information or conflicts of interest. Most claims against real estate agents allege that these duties were not fulfilled. This E&O product is designed to provide broad coverage for these types of claim exposures.
The Real Estate Agents E&O program is for real estate firms that derive at least 65% of their commission income from residential real estate. Appraisal work can be included as long as at least 70% of income is derived from residential appraisals.
Broad coverage includes:
- Duty to Defend Wording
- Defense Outside the Limits
- Personal injury Coverage
- Discrimination Coverage
- Lock Box Coverage
- Internet Coverage
- Environmental Coverage Available
- Optional Businessowners Package
Don't forget to quote Worker's Compensation for this risk!
Please Note: coverages may vary according to class of risk and market conditions