Specializing in Mandated Real Estate Errors & Omissions Insurance
• We put the Experience and Options in E&O programs •
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Insurance Services Company, LLC
Iowa Real Estate Commission’s Group Policy
Real Estate E&O Insurance
Not All E&O Policies are the Same
. . .
You can be confident we will be here for you even after you purchase coverage. RISC and Continental Casualty Company (a CNA insurance company) have worked together to provide state-mandated group real estate E&O programs for more than 12 years. We administer all aspects of the program, so you will work with one entity throughout the entire process, from obtaining coverage to claims resolution.
E&O Coverage is
About More than Paying
Call us at 1-800-637-7319. We look forward to hearing from you.
Enrollment for the
Click the "Enroll or Renew" Button on the left for more information.
Considering Other Providers?
Does the policy provide first dollar defense? Under the RISC policy, there is no deductible for damages or defense costs. Other policies may have stringent requirements that must be followed to qualify for first dollar defense.
Is there a limit on defense costs? Under the RISC policy, there is no limit on the amount of defense costs available to pay covered claims.*
How much has the carrier paid on behalf of Iowa real estate licensees? The amount paid to defend and indemnify Iowa licensees represents the carrier’s commitment to its insureds and the value of the coverage provided under the policy. As of July 31, 2014, Continental Casualty Company has incurred more than $6.5 Million for claims on behalf of Iowa licensees.
Does the policy exclude coverage for transactions you do for relatives? The RISC policy does not exclude coverage for claims involving services performed for an insured’s parents; grandparents; siblings; aunts; uncles; cousins; children; or spouse’s parents, grandparents, siblings, or children. This is important, since buyers and sellers often turn to a trusted relative who is a real estate licensee to represent them in a transaction.
Does the policy apply to claims relating to all types of real property? The RISC policy applies to any claim relating to professional services, regardless of the type of property involved. Other policies may limit coverage to a specific type of property, such as residential, or require additional premium for coverage for other kinds of property. Even if you currently handle only residential transactions, consider whether you are willing to forgo an opportunity to work with commercial property or farm land or to risk not having coverage for a claim resulting from the transaction.
Does the policy insure your firm for its vicarious liability for your professional services? Claims are often made against real estate firms as a result of their licensees’ negligence. Under the group program, the insured licensee’s policy applies to covered claims alleging the firm’s vicarious liability for negligent acts, errors, and omissions in the licensee’s professional services. Some policies issued to individual licensees may not provide coverage for the firm’s vicarious liability for their actions, which may leave the firm uncovered in the event of a claim against it.
*Except for claim expenses incurred under the discrimination, environmental, escrow / earnest money, and lock box sublimits, which were not traditionally covered at all under many E&O policies.
What’s the premium for excellent customer service and individual attention when you need it?
The program referenced
herein is underwritten by Continental Casualty Company, a CNA
insurance company. This information is for illustrative purposes
only and is not a contract. It is intended to provide a general
overview of the products and services offered. Only the
applicable policy can provide the actual terms, coverages,
amounts, conditions, and exclusions, which may be subject to
change without notice. In the event of a claim, the nature and
extent of coverage is determined based upon the claim’s facts,
circumstances, and allegations and application of the relevant
policy’s terms, conditions, and exclusions. The E&O program
described herein is only available in Iowa. CNA is a registered
trademark of CNA Financial Corporation. Copyright © 2014 CNA.
All rights reserved.
Insurance Services Company, LLC