“Errors and Omissions” (E&O) insurance also known as a professional liability insurance is a claims made policy that protects individuals and companies against claims (defense and damages costs) made while acting in a professional capacity on behalf of another party. These mistakes can be but not limited to inadequate work or negligent actions, misrepresentation, violation of good faith and fair dealing and inaccurate advice.
For example, real estate licensees acting on behalf of a client may make a negligent misrepresentation or fail to affirmatively disclose a known material fact and end up being sued. Even if you ultimately prevail, you may still be burdened with the legal defense costs. E&O policies are designed to cover many of these defense costs and the final judgment to a plaintiff, if the licensee does not win the case.
Who should apply:
- Independent Real Estate agents and brokers including independent contractors
- Real Estate firms
- Real Estate auctioneers
Coverage is available through select insurance providers rated A or better by A.M Best.
* The coverage offered is subject to limitations and exclusions. Please refer to the actual insurance policy for details regarding coverage, exclusions, and limitations.
Please contact us if you have any question or wish to discuss your E&O insurance needs and we will be glad to walk you through the process.