E&O Insurance for Real Estate Agents & Brokers

Errors and Omissions Insurance Program for Real Estate Agents & Brokers REAL ESTATE E&O APPLICANTS


Apply for Real Estate Agents & Brokers E&O Insurance   Policy   Policy 02/01/2020 to 02/01/2021    Renewal Reminder

E&O Program Introduction

  • The 360 Coverage Pros real estate E&O insurance program provides comprehensive professional liability coverage options for real estate agents, brokers and firms:
    • Covers all of your agents
    • “A” rated carrier
    • Fast, easy online application
    • Instant proof of insurance
    • First class customer care

About This Coverage

  • This errors and omissions insurance program is designed exclusively for Real Estate Agents and Brokers, Brokerage Firms, and Real Estate Companies placing transactions through a brokerage firm domiciled outside of California. Covered services include: residential real estate sales (1-4 Units); commercial real estate sales (includes 5+ Units); residential or commercial real estate leasing services; and, raw, vacant, or partially developed land sales. The insurance program also provides coverage for services as a real estate consultant or counselor, or as an expert witness for covered services. Property management coverage is available for additional premium.
  • Covers all agents transacting business for an insured firm.
  • The following states require real estate licensees to purchase errors and omissions insurance that is in accordance with the state's specific regulations: Colorado, Idaho, Iowa, Kentucky, Mississippi, Nebraska, New Mexico, North Dakota, Rhode Island, South Dakota and Tennessee.

Program Eligibility

  • This E&O insurance is specifically designed for:
    • Real Estate Agents, Brokers, Brokerage Firms, and Real Estate Companies placing transactions through a brokerage firm domiciled outside of California.
    • Applicants with gross annual revenues (for brokerage firms this is total firm commission revenue) of $1 Million or less; and, less than 25% of their annual revenues derive from property management services.
  • For applicants with gross annual revenues (for brokerage firms this is total firm commission revenue) over $1 Million and/or more than 25% of their annual revenues deriving from property management services, request a consultation.

Program Features

  • The following are included in the definition of a named insured:
    • Administrative, Clerical, and support personnel while acting on behalf of the named insured
    • Present and previous partners, principals, officers, directors, members, or employees (but only while acting on behalf of the named insured)
    • Independent contractors; but, only when duly licensed to perform covered professional services; and only while acting on behalf of, and under the direct supervision of, the named insured
    Refer to the policy form for a comprehensive definition of a Named Insured Member
  • Third-party confidential information loss liability coverage (Security Breach): $25,000 per policy period
  • Can insure firms up to $1,000,000 in gross annual revenues (for brokerage firms this is total firm commission revenue)
  • Public Relations Crisis coverage: $25,000 per policy period
  • Disciplinary Actions: $20,000 per disciplinary proceeding / $50,000 per policy period
  • Subpoena Assistance: $10,000 per subpoena / $50,000 per policy period
  • Security Incident: $25,000 per policy period
  • Regulatory Agencies: $20,000 per disciplinary proceeding / $50,000 per policy period
  • Fair Housing Discrimination: $500,000 included at no additional premium with higher limit options available
  • Open House coverage applies to Bodily Injury and Property Damage: $50,000 per policy period
  • Pollution coverage - Failure to Disclose: full policy limits
  • Lock box coverage applies to Bodily Injury and Property Damage: full policy limits
  • Property coverage only for sale or lease (not purchase) of a 1 to 4 unit residential property where at the time of sale the combined ownership interest of the Named Insured Member hereunder was less than 25% and the owner was not the i) leasing agent or ii) selling, listing or closing agent
  • Defense costs reduce the limit of liability and are subject to the retention. Punitive damages are covered by the policy, unless uninsurable under applicable laws. Refer to the policy form for the definition of defense costs and punitive damages.
  • Instant proof of insurance upon approval
  • Professional services include: services as a Real Estate Agent or Broker; services as a Real Estate Consultant; and, services as a member of a real estate accreditation board or committee. The policy provides supplemental extensions of coverage, including: Contingent Liability; Subpoena Assistance; Lockbox and Megan's Law; and, Third Party Confidential Information Loss Liability. See the policy form for the full definition of professional services; a complete list of supplemental coverage; and, policy exclusions. Retentions or Sublimits may apply - contact us with questions or concerns.
  • This is a claims made and reported policy. Claims must be submitted as soon as practicable in writing to the insurer. Coverage only applies to claims first made during the policy period. Claims must be reported during the policy period; or, during an extended reporting period (ERP). Prior acts are covered back to the first day of continuous E&O coverage. Please refer to the policy form for claim reporting provisions and definition of a claim, prior acts definition, and ERP details.

Coverage Limits

  • $100,000 per claim / $300,000 annual aggregate
  • $250,000 per claim / $250,000 annual aggregate
  • $500,000 per claim / $500,000 annual aggregate
  • $500,000 per claim / $1 Million annual aggregate
  • $1 Million per claim / $1 Million annual aggregate

Deductibles and Retentions

  • $1,000 each claim
  • $2,500 each claim
  • $5,000 each claim
  • *Not all retention options are available to each applicant. Retention options are dependent on the selected program and income tier of the applicant.

Payment Options

  • Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the third of each month.

Underwriter

  • Your coverage is secured by Lloyds of London – Liberty Specialty Markets, a Liberty Mutual Insurance group company, an outstanding insurance company rated "A" (Excellent) by A.M. Best.

Disclosures

  • A.M. Best rating and other disclosures.
  • Arthur J. Gallagher Real Estate Risk Purchasing Group, LLC is a California domiciled risk purchasing group (RPG). Risk Purchasing Groups differ from traditional insurance companies in several ways, for example: • Permitted by Federal Law – “Liability Risk Retention Act of 1986” • A group of insureds engaged in similar businesses or activities to purchase insurance coverage from a commercial insurer • May be exempt from some state insurance regulations • May not be covered by various state guarantee funds Arthur J. Gallagher & Co, and any of its subsidiaries do not guarantee the financial viability of any insurance company, carrier, pool, risk retention group, or other means of risk transfer or risk sharing.
  • Refer to the policy form by clicking on the Policy button at the top of the page for more details on covered professional services and exclusions.

Program Administrator

  • 360 Coverage Pros is administered by Gallagher Affinity, a global insurance brokerage, risk management and consulting services firm.
  • Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions section for more information.
  • Program administrative services include policy review and issuance, premium billing and invoicing, mid-term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.

Errors and Omissions Insurance Program for Real Estate Agents & Brokers CALIFORNIA APPLICANTS


Apply for Real Estate Agents & Brokers E&O Insurance   Policy   Policy 02/01/2020 to 02/01/2021    Renewal Reminder

E&O Program Introduction

  • The 360 Coverage Pros real estate E&O insurance program provides comprehensive professional liability coverage options for real estate agents, brokers and firms:
    • Covers all of your agents
    • “A” rated carrier
    • Fast, easy online application
    • Instant proof of insurance
    • First class customer care

About This Coverage

  • This errors and omissions insurance program is designed exclusively for Real Estate Agents and Brokers, Brokerage Firms, and Real Estate Companies placing transactions through a brokerage firm domiciled in California. Covered services include: residential real estate sales (1-4 Units); commercial real estate sales (includes 5+ Units); residential or commercial real estate leasing services; and, raw, vacant, or partially developed land sales. The insurance program also provides coverage for services as a real estate consultant or counselor, or as an expert witness for covered services. Property management coverage is available for additional premium.
  • Covers all agents transacting business for an insured firm.

Program Eligibility

  • This E&O insurance is specifically designed for:
    • Real Estate Agents, Brokers, Brokerage Firms, and Real Estate Companies placing transactions through brokerage firm domiciled in California.
    • Applicants with gross annual revenues (for brokerage firms this is total firm commission revenue) of $1 Million or less; and, less than 25% of their annual revenues derive from property management services.
  • For applicants with gross annual revenues (for brokerage firms this is total firm commission revenue) over $1 Million and/or more than 25% of their annual revenues deriving from property management services, request a consultation.

Program Features

  • NEW: Pre-Claims Assistance & Risk Management Hotline offering to Real Estate agents
  • The following are included in the definition of a named insured:
    • Administrative, Clerical, and support personnel while acting on behalf of the named insured
    • Present and previous partners, principals, officers, directors, members, or employees (but only while acting on behalf of the named insured)
    • Independent contractors; but, only when duly licensed to perform covered professional services; and only while acting on behalf of, and under the direct supervision of, the named insured
    Refer to the policy form for a comprehensive definition of a Named Insured Member
  • Third-party confidential information loss liability coverage (Security Breach): $25,000 per policy period
  • Can insure firms up to $1,000,000 in gross annual revenues (for brokerage firms this is total firm commission revenue)
  • Public Relations Crisis coverage: $25,000 per policy period
  • Disciplinary Actions: $20,000 per disciplinary proceeding / $50,000 per policy period
  • Subpoena Assistance: $10,000 per subpoena / $50,000 per policy period
  • Security Incident: $25,000 per policy period
  • Regulatory Agencies: $20,000 per disciplinary proceeding / $50,000 per policy period
  • Fair Housing Discrimination: $500,000 included at no additional premium with higher limit options available
  • Open House coverage applies to Bodily Injury and Property Damage: $50,000 per policy period
  • Pollution coverage - Failure to Disclose: full policy limits
  • Lock box coverage applies to Bodily Injury and Property Damage: full policy limits
  • Property coverage only for sale or lease (not purchase) of a 1 to 4 unit residential property where at the time of sale the combined ownership interest of the Named Insured Member hereunder was less than 25% and the owner was not the i) leasing agent or ii) selling, listing or closing agent
  • Defense costs reduce the limit of liability and are subject to the retention. Punitive damages are covered by the policy, unless uninsurable under applicable laws. Refer to the policy form for the definition of defense costs and punitive damages.
  • Instant proof of insurance upon approval
  • Professional services include: services as a Real Estate Agent or Broker; services as a Real Estate Consultant; and, services as a member of a real estate accreditation board or committee. The policy provides supplemental extensions of coverage, including: Contingent Liability; Subpoena Assistance; Lockbox and Megan's Law; and, Third Party Confidential Information Loss Liability. See the policy form for the full definition of professional services; a complete list of supplemental coverage; and, policy exclusions. Retentions or Sublimits may apply - contact us with questions or concerns.
  • This is a claims made and reported policy. Claims must be submitted as soon as practicable in writing to the insurer. Coverage only applies to claims first made during the policy period. Claims must be reported during the policy period; or, during an extended reporting period (ERP). Prior acts are covered back to the first day of continuous E&O coverage. Please refer to the policy form for claim reporting provisions and definition of a claim, prior acts definition, and ERP details.

Coverage Limits

  • $100,000 per claim / $300,000 annual aggregate
  • $250,000 per claim / $250,000 annual aggregate
  • $500,000 per claim / $500,000 annual aggregate
  • $500,000 per claim / $1 Million annual aggregate
  • $1 Million per claim / $1 Million annual aggregate

Deductibles and Retentions

  • $2,500 each claim
  • $5,000 each claim
  • *Not all retention options are available to each applicant. Retention options are dependent on the selected program and income tier of the applicant.

Payment Options

  • Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the third of each month.

Underwriter

  • California State License #0B44869, Louis E. Marinaccio
  • Your coverage is secured by Lloyds of London – Liberty Specialty Markets, a Liberty Mutual Insurance group company, an outstanding insurance company rated "A" (Excellent) by A.M. Best.

Disclosures

  • A.M. Best rating and other disclosures.
  • Arthur J. Gallagher Real Estate Risk Purchasing Group, LLC is a California domiciled risk purchasing group (RPG). Risk Purchasing Groups differ from traditional insurance companies in several ways, for example: • Permitted by Federal Law – “Liability Risk Retention Act of 1986” • A group of insureds engaged in similar businesses or activities to purchase insurance coverage from a commercial insurer • May be exempt from some state insurance regulations • May not be covered by various state guarantee funds Arthur J. Gallagher & Co, and any of its subsidiaries do not guarantee the financial viability of any insurance company, carrier, pool, risk retention group, or other means of risk transfer or risk sharing.
  • Refer to the policy form by clicking on the Policy button at the top of the page for more details on covered professional services and exclusions.

Program Administrator

  • 360 Coverage Pros is administered by Gallagher Affinity, a global insurance brokerage, risk management and consulting services firm.
  • Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions section for more information.
  • Program administrative services include policy review and issuance, premium billing and invoicing, mid-term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.

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