Does your E&O policy have a deductible waiver? It should if the following conditions are met:
- Seller disclosure form signed by Seller & acknowledged in writing by Buyer prior to closing;
- Home warranty purchased or waived in writing by Buyer prior to closing;
- Written Home Inspection Report was issued by licensed or certified home inspector, or waived in writing by Buyer prior to closing; and
- State/local board approved standard sales contract utilized
*Based on policy information provided by Hanover Insurance.
Errors & Omissions Insurance (E&O) is a very nuanced form of malpractice or professional liability insurance designed to protect yourself from lawsuits filed because of your work as a real estate professional. The more years of service and transactions you conduct, the higher exposure you have to being sued. Even if you think the demands are unfounded, these claims come with considerable legal expenses and potentially financial damages that can exhaust your deductible, distract you from your business and harm your reputation. Therefore, it is important to have the right coverage for your premium investment as well as be vigilant with your education and documentation.
Our Maximum E&O Insurance blog is a resource to help real estate professionals do just that. At PBI Group we care about protecting our clients and believe in a comprehensive approach to reducing our risk.
- Education to help avoid a lawsuit: Everyone wants to be claims free, but merely wishing for it is not good enough, there are steps you can take to improve your odds. In our blog, we will share best practices and claims scenarios and other “need to know” information to educate and increased your liability awareness.
- The Right Insurance Policy: A broad policy form designed to provide protection when and where you need it most based on your specific real estate services offered. Not all policies are created equal, some have considerable exclusions which could leave you without protection!
- Documenting the Undocumented: It is important to document the numerous conversations during a real estate transaction to provide evidence which can be referenced during a lawsuit. Today’s various forms of communications (text messages, calls, emails, social media, disclosures, contracts, etc) can make it a challenge to keep
complete records. It is important to moralize these discussions, in the event of a claim you can be confident in your records.
PBI Group is a boutique insurance brokerage firm focused exclusively on the insurance needs of real estate professionals throughout the country. Our meticulousness care, pride in operating at the highest level in our industry, and unique knowledge of the real estate professional liability (E&O) market are what define us.
If you’d like to get in touch, please contact us at:
23114 Expedition Drive
Ashburn, VA 20148
O: (443) 502-5645