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8 Cards in this Set
- Front
- Back
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Real estate professional and O policy covers claims made against broker or firm caused by negligent acts errors or omissions committed and course of business as a real estate brokerage this type of policy also typically covers
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Defense settlement and supplementary payments.m
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Most REA policies written on surplus lines basis include
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Fence expenses with in limit of liability however many include cleans expenses outside limit of liability and most exclude punitive damages and other others only cover punitive where allowable or are required by law
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Sub limit of liability included within policy limits for specific exposures covered by the policy coverages can be included in basic policy language or added by endorsement some types of claims are
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Licensing proceeding claims, lockbox claims, fair housing act discrimination claim
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Insuring agreement coverage a
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Real estate services liability coverage – inshore promises to pay for damages that insured becomes legally obligated for any claim arising from rendering of our failure to render real estate services. Also describes when coverage will respond to claims under the policy. Coverage attaches it's clean his first made against insured and reported during policy. Or ERP
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Definition section defined scope of real estate services and agent/broker services. Real estate services referred to property management services real estate agent broker services or both. Real estate agent broker services me include any of the following
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– Real estate agent broker, personal assistant, leasing agent services – real estate consultant or expert witness services – notary public services – pro bono services
Coverage for other services including appraisers mortgage brokers property managers escrow agents and often auctioneers is typically provided through specific endorsement |
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Damages cover judgments arbitration awards and settlement they also include
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Judgment and post judgment interest
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Exclusions- fraud criminal and intentional violation of law
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Claims arising from dishonest fraudulent criminal and intentional violations of law not covered how ever sometimes exclusion doesn't apply until final judgment against in shored
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Discrimination exclusion – policy doesn't cover claims arising from any form of discrimination but will defend
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Fair housing discrimination claim subject to terms and sub limit of liability
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