Rental Property Investor · San Marino, CA · Member since 2011 · 398 posts · 144 votes
Hello BP,
I am a licensed broker (not sales agent) but not currently actively using my license. I'm looking to broker a deal and would like to purchase E&O insurance for just this transaction. Does anyone know if that is possible or offered?
Investor · El Dorado Hills, CA · Member since 2012 · 1k+ posts · 1k+ votes
11y
Check with CRES insurance services. I believe the rating basis is per transaction but you do need to put a deposit down. It is $1220 to get coverage bound. An independent agent that works in this space can access CRES for you as well.
I am a licensed broker (not sales agent) but not currently actively using my license. I'm looking to broker a deal and would like to purchase E&O insurance for just this transaction. Does anyone know if that is possible or offered?
Thanks,
Jason
Don't we all wish insurance companies operated like that...
Investor · El Dorado Hills, CA · Member since 2012 · 1k+ posts · 1k+ votes
11y
Check with CRES insurance services. I believe the rating basis is per transaction but you do need to put a deposit down. It is $1220 to get coverage bound. An independent agent that works in this space can access CRES for you as well.
Professional · Atlanta, GA · Member since 2015 · 85 posts · 15 votes
11y
@Jason Mak, I believe that's possible as I remember my previous brokerage charged E&O per transaction. I don't remember the company that provided the policy though. :(
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
11y
For an active office with many transactions, yes. In your case, no. Also, your license would have to be active, and the E&O coming thru your broker, assuming you don't want to open a brokerage for one deal.