New Markets
Real Estate Agent and Broker PL Policy
Nuts & Bolts: St. Paul Travelers introduced a new policy for real estate agents and brokers that provides broader protection from possible claims or litigation against errors and omissions they may make while performing their jobs. St. Paul Travelers’ 1st Choice for Real Estate Agents and Brokers Professional Liability Protection covers real estate agents or brokers, property managers and notary publics. In addition, the policyholder’s employees, independent contractors and employees of the independent contractors are covered by the policy. It covers legal defense expenses that extend beyond the policy limits, disciplinary proceeding expenses or a legal expense reimbursement and offers protection for fair housing discrimination claims. Protection from failure by the agent or broker to disclose to the buyers or sellers the existence of pollution on the property is also offered. Typically items that don’t function on the property, such as appliances, or matters related to the characteristics of the property, including zoning changes would be covered under the policy. In addition, St. Paul Travelers offers 1st Choice for Real Estate Professionals Services Liability Protection policy, which is similar to the real estate agents and brokers policy in terms of coverage features but is offered to a wider range of real estate professionals. They include abstracters, auctioneers, real estate appraisers, title agents, title searchers, closing agents or escrow agents, title-opinion lawyers, witness closers and notary publics.
Dollars: Premiums are based on revenues varying by risk. Deductibles range from $2,500 to $50,000 and more. Policy limits are $5 million.
Carrier: St. Paul Travelers rated “A+”, both products are admitted.
States Available: All except California.
Contact: Ken Reko, (651) 310-7123 or kreko@stpaultravelers.com.
Preferred Club Program Expansion
Nuts & Bolts: Venture Insurance Programs announced that it expanded its Preferred Club Program through an exclusive program alliance with The Hanover Ins. Co. Effective immediately, The Hanover Insurance Company, rated “A-” (Excellent), Financial Size Category XII by A.M. Best Co., will provide a new market for the program, with additional coverage for public daily-fee courses, as well as semi-private courses, private courses and country clubs. Under the exclusive arrangement, Hanover Insurance will use the Preferred Club Program’s proprietary form. The program will continue to offer its existing club package through the Chubb Group of Ins. Cos. It offers workers’ comp, property, general liability, property of members, herbicide and pesticide coverage with full pollution options, tee-to-green coverage of all playing surfaces, liquor liability, excess and umbrella liability, and cart fleet and errant ball coverage. Options include business interruption coverage with an unlimited extended period of indemnity. In addition, it provides professional liability coverage through United States Liability Insurance.
Dollars: Limits for property go up to $25 million. Deductibles vary by line and minimum premiums are $15,000.
Carrier: The Hanover Insurance Company, rated “A-” (excellent), financial size category XII by A.M. Best Co., admitted.
States Available: All.
Contact: Annamarie Keen (800) 282-6247 ext. 278.