Professional Liability insurance is a necessity and CITA's E&O program is designed for real estate agents and brokers who provide residential and commercial real estate sales, leasing and services. Our focus is to provide you with comprehensive coverage and convenient services while you focus on your client's needs. Some of advantages of our E&O program include:
E&O Program Highlights
- A (Excellent) A.M. Best-Rated Carrier*
- Available in United States including DC (not available in Puerto Rico, Virgin Islands, or Guam - coming soon in AK, MD, NY, VA and WA)
- Admitted Coverage
- Easy online applications
- Including a simplified Quick Quote E&O option for small residential real estate firms
- Individually underwritten option
- In-House Claims Management
- Installment Options (in most states)
E&O Coverage Highlights
- Claims Made coverage
- Policy limits from $100,000 to $5,000,000 per Claim and aggregate
- Options for Claim Expenses outside and inside the Policy Limits
- Deductible options from $0 to $10,000 (higher options may be available)
- Options for Damages Only or Damages and Claims Expenses
- Retroactive coverage - up to full prior acts
- Extended Reporting Options
- See Coverage Highlights for coverage features, sub-limits, and available endorsements.
See which CITA's Real Estate Agent's E&O application best fits your needs.
Quick Quote E&O Insurance Application
To be eligible, applicants must meet the qualifications below:
- provide only residential sales and leasing services
- combined revenue for the last 3 years does not exceed $600,000
- ($500,000 in CA, NY, HI)
- no single client represents more than 25% of total revenue
- no E&O claims, nor notice of potential claims or circumstances that could give rise to a claim in the last 5 years
- no owner, agent or member has had license revoked, been investigated or been subject to disciplinary action by any licensing board, real estate association or other regulatory body within the last 5 years.
CITA's Real Estate Agents E&O Application
To be eligible, applicants must meet the qualifications below:
- provide residential and commercial real estate sales, leasing and services including but limited to property management
- individuals and entities focused on residential real estate and leasing of single family unit and multi-family dwellings from 1-4 units
- must have a minimum of 70% revenue from residential sales and services.
- and applicants who do not meet the qualifications for the Quick Quote E&O option
Additional Links and Documents:
*Ascot is a leading global insurance,
reinsurance, and underwriting services group with over 20 years of consistency
and stability and a diverse product portfolio. US insurance company affiliates
within the Ascot Group are rated A (Excellent) by A.M. Best Company
This general product description is informational only and is not an offer or a quotation of coverage. Please refer to the policy for all terms, conditions and exclusions. All submissions are subject to underwriting. Coverage may not be available in all jurisdictions.
Need Guidance with selecting the best Professional Liability Insurance for your business?
When it comes to Professional Liability Insurance, not all policies are created equal. Similar premiums do not guarantee similar coverage. Additionally, policies may renew with important changes that affect your coverage. Consider using the tips below when purchasing or renewing your Professional Liability Insurance coverage:
- Review your current Liability Insurance policy. If you have renewed coverage for several years without rereading your policy, your current business activities may not be covered. Changes in your business, such as providing additional services, may require additional coverage.
- Look beyond the lowest premium quote. Identify whether the policy offers the benefits you need in addition to competitive rates.
- Select a Liability Insurance policy that will grow with your business. Do you plan to offer additional services or expand your scope of business?
Ultimately, your Liability Insurance policy should provide coverage that best matches the products and services you offer and the size of your book of business.
CITA’s Liability Insurance policy offers competitive features and the flexibility to customize coverage for your business.
Debunking Common Myths about Errors and Omissions Insurance for Real Estate Agents
1. I document all my business transactions so I'm protected should a claim arise.
Although you may utilize a traditional or online filing system, many representations can be made regarding the sale of a property product that are completed verbally, by telephone or in person. Often times, these conversations, or portions of the conversation, remain undocumented. As a result, many error & omissions claims become a "he said, she said" scenario that can result in losses for an agent. In this instance, E&O Insurance would help agents pay for legal or settlement fees associated with a claim, lawsuit and/or litigation.
2. Professional Liability Insurance is not necessary because I never make mistakes.
Real estate agents with a perfectly error free business history have experienced claims "out of the blue" from clients for a number of reasons. Regardless of whether or not the real estate agent is at fault, the agent must respond to the claim and spend time and money resolving the claim. E&O Insurance reduces the time, effort, and cost of dealing with a claim, allowing more time to focus on running the business, developing leads and selling homes.
3. I am no longer a real estate agent so I will never have a claim brought against me in the future.
It is possible for a client to bring a claim against his or her real estate agent even after the agent has retired. Many scenarios occur in which a client finds a problem with their home after the agent who sold the property has retired or moved on to a different career path. Because real estate agents are still susceptible to claims, even after retirement, continuous E&O protection is necessary to help reduce and mitigate costs associated with an E&O claim.
4. Error and Omissions Insurance is too expensive and I probably won't need it.
E&O Insurance coverage can be affordable and comprehensive for real estate firms who know how to find the right policy for the business they conduct. By selecting insurance coverage that is customized to a firms individual needs, real estate agents not only receive E&O protection, but they also only pay for the coverage they truly require. Real estate agents can't predict when or if they will experience a claim in the course of their career. Because of this, no real estate agent can say with certainty that E&O insurance is something they will not need in the future. For peace of mind and protection of your assets, E&O Insurance becomes the most affordable way to stay protected from potential loss associated with an error or omission claim.