Liability Insurance through DRickard Insurance

DRickard Insurance

607-843-8860

insurance@drickardinsurance.com

New York State

DRickard Insurance
"Your Favorite Insurance People"

DRickard Insurance

Your Favorite Insurance People

607-843-8860 insurance@drickardinsurance.com

Real Estate Agent
Errors & Omissions
Professional Liability Insurance

What is Real Estate Errors & Omissions Liability Insurance?

Real Estate Errors and Omissions Insurance (E&O) is professional liability insurance designed to protect businesses that specialize in real estate sales. Covering real estate agents and brokers mainly, it may be extended to cover landlords and a few other types of real estate related businesses. Real Estate E&O policies protect the insured against any mistakes due to negligence or breach of contract made while doing business. In this case coverage is tailored to your real estate agent business. In most cases we can find professional liability policies that will cover varying components of your unique business.

Additional coverage to consider:

Building
Business Contents
Cyber
Professional Liability
General Liability
Contractual
Automotive
Pollutants
Media and Internet
And So Many More

Why Do You Need Real Estate Errors & Omissions Liability Insurance?

A Real Estate E&O policy can cover costs for legal defense as well as settlements for negligence and breach of contract. Hiring a lawyer or reaching a settlement out of court can cost you a lot of money. Proving non-negligence will have huge costs. For example, a real estate agent makes an error and the buying couple sues for negligence. Without a real estate E&O policy the inspector would have to pay to settle or to hire a lawyer, which could potentially ruin his business. But with the right coverage the risk of negligence can be protected.

The Need For Real Estate E&O - Claims Example

Home Buying Misrepresentation -

As part of representation service, a mock closing statement is prepared for a realty client. The statement was meant as a guide for clients to use to calculate the amount of cash needed to purchase a property in their price range. The statement contained errors, causing the buyer to acquire less than needed to close on the home. As a result, the sale did not go through at closing due to lack of funds. The buyer sued the real estate agent for misrepresentation, and had to pay the damages out of pocket.

The types of coverage that may be available depending on your specific situation*:

Business Liability Policy

Location
General
Bodily Injury
Property Damage
Contractual
Products
Completed Operations
Advertising
Personal Injury
Employment Practices
Fiduciary
Management
Consultants
Professional
Errors & Ommissions
Media
Too Many More To List, so please call us at 607-843-8860

I don't see what I need for my business!

There are literally hundreds of businesses that we serve with liability products. Don't dispair, do give us a phone call at 607-843-8860 and we will do our best to help you solve your problem.

*Please note that not all types of coverage will be available to every insured on every policy. In some cases it may take multiple policies and insurers to create your desired insurance package. Each individual policy must be referred to for specifics of coverage provided. Any comment we make here are illustrative only and your insurer may expand on or deminish the coverage based on the policy langauge in the specific contract you purchase. Again we advise you that you must read your policy carefully.