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.