The real estate industry, including real estate agents, has weathered a difficult time over the last several years as a result of an economic crisis that battered the housing market and stalled commercial development.
The housing bubble and economic downturn resulted in record foreclosures and lawsuits involving lending practices, short sales and other issues. In addition, many real estate professionals, to improve their financial outlook during these difficult times, expanded their services, operating as property managers, title or closing agents and appraisers. This added to their level of exposure and potential for increased liability in the course of their work. Some, unfortunately, found out too late that they were not covered under their Professional Liability policy for some of the services they took on.
As a result, more than ever, real estate agents and others in the industry saw how important the implementation of best practices coupled with sound professional liability insurance coverage is in responding to alleged claims of errors, omissions or negligence in the course of providing professional services. They also realize how critical it is to have someone who understands their profession, the scope of services they may provide, and how best to insure against liability.
Covering the Real Estate Industry
We can provide you with customized errors & omissions insurance for real estate professionals. Coverage is available for claims that arise from a number of exposures, including issues involving the purchase or sale of properties by real estate agents/brokers on behalf of their clients, defense of discrimination claims arising from alleged violations of the Fair Housing Act, physical damage to property arising from alleged negligent use of a lock box, data breaches, and more.
Professional liability is available for real estate agents and brokers for residential and commercial real estate properties; for real estate consultants, lease agents and brokers; and many others that serve the real estate segment.