Real estate agents are very vulnerable targets in today’s litigious environment. An unhappy real estate client is more likely to blame their agent than accepting responsibility for his or her own actions. The need for comprehensive insurance coverage particularly in the area of Errors and Omissions for real estate agents also known as E & O coverage is great. An agent’s search for an insurance professional who understands their business and their exposure is extremely important.
No matter how thorough and professional a real estate agent may be, any client may sue regardless of the validity of their claim. Unfortunately, defense costs arise regardless of whether a lawsuit has merit or is groundless. Jeff Van Matre of the Jeff Van Matre Insurance Agency, a seasoned twenty year veteran of the insurance industry, can assist you in determining the right amount of coverage you require.
E & O coverage is the protection that agents need. Your legal expenses will be paid and you will defended against the lawsuit up to the stated amount of your E& O policy.
Standard E & O Coverage:
An E & O policy pays legal expenses associated with claims due to error, omission, or negligence in regards to your duties as a licensed real estate agent. It will also pay any award from a court or arbitration proceeding. The policy will not pay more overall than the limit amount of the policy.
What Is Not Covered In An E & O Policy:
An E & 0 policy will typically not cover:
- Dishonest or criminal acts committed by the agent.
- Any claim that the agent was responsible for bodily injury or death.
- Destruction of any person’s property by an agent.
What Is Covered In An E & O Policy:
The following items are usually covered in an E & O policy:
- Any claim arising from the Fair Housing Discrimination Act.
- Any accident that may occur during an Open House.
- Any damage to property that occurs during an Open House by an individual other than the agent.
Just Consider All the Costs Of A Single Lawsuit:
The premium costs of an E & O policy can be analyzed effectively by examining the costs of just one lawsuit: Attorneys’ fees of $100/hour and greater; subpoena costs; deposition expenses; a possible court or jury award; and the jvminsurance.com/loss of an agent’s time. Good E & O coverage is a very smart business decision.
About Jeff Van Matre Insurance Agency:
If you want to make sure you have the right Error and Omission coverage as a real estate agent, call The Jeff Van Matre Insurance Agency at 972-492-8500, which offers customized insurance policies that feature a variety of coverage options. Call us today to discuss a policy or receive a quote. Located in Carrollton TX, we proudly serve individuals and businesses in Carrollton, Lewisville, Dallas, Irving, Plano, and surrounding communities.