Get Real with Real Estate E&O. Product Highlights and Claims Examples.

*Reprinted from my blog at http://blog.myinsurancenerd.com

Just like independent insurance agents, real estate agents need errors and omissions insurance.

Check out these features for Real Estate Agents E&O

• Bodily Injury and Property Damage resulting from a covered professional service(s).
• Disciplinary proceeding defense expenses reimbursement up to $25,000.
• Increased liability limits available for those who qualify.
• Defense expenses related to covered claims in additional to the limits of coverage.
• Deductible applies to defense expenses, unless endorsed or not allowed by state.
• Option to provide prior acts coverage without a retroactive date limitation, for those who qualify.
• Many extended reporting period options, including an unlimited time period endorsement option.
• No exclusion for fair-housing discrimination committed in real estate professional services as a real estate agent or broker.
• No exclusion for losses resulting from a real estate agent or broker failing to advise a buyer or seller that pollution, fungi and bacteria exists on a property.
• No sub-limits for certain types of claims.
• Coverage for employees and independent contractors of the insured automatically included as protected persons for claims resulting from professional services they perform for the named insured.

Claim Examples

Bodily Injury and Property Damage Coverage

While holding an open house, a guest trips and falls sustaining a back injury. As the injury results in surgery and the guest cannot return to work, he brings a claim against both the homeowner and you, alleging improper lighting and failure to warn. Real Estate Professionals Policy provides liability coverage for any negligence of the insured, the broker, and/or your agent, up to the full limits of the policy, less any deductible, in your capacity as a real estate agent or broker.

Pollution, Fungi, Bacteria

You were the seller