RISC Rice Insurance Services Company, LLC
Specializing in Mandated Real Estate Errors & Omissions Insurance
ē We put the Experience and Options in E&O programs ē 


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Sample Policy '16

Optional Coverages '16

Features '16


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RISC Rice Insurance Services Company, LLC
We put the Experience and Options in E&O programs

Iowa Real Estate Commissionís Group Policy

Real Estate E&O Insurance
Designed for Iowa Licensees

Please Support Your State Program

Over $6.8 Million in defense costs and damages have been incurred as of September 1, 2015 since the current carrier began issuing the Iowa state group program in 2003. RISC and the carrier share a commitment to their insureds and providing valuable coverage to Iowa licensees. When shopping for insurance coverage itís important to ask about the companyís experience and paid claims in Iowa. If a company is charging a very low amount, you may find out the carrier doesnít provide much coverage or pay many claims.

The state group program offers affordable E&O insurance to each and every licensee by spreading the risk over a large number of insureds. Without the group programís low premium, other carriers have no incentive to offer real estate E&O policies at affordable prices. In states without a group program, real estate E&O premiums may cost thousands of dollars and some licensees report being unable to obtain insurance at any price.

Rely on the Most Experienced
Provider in the Business

The Rice family and their colleagues have specialized in mandated real estate E&O programs since 1989. We provide group policies in 11 of the 13 states that have group programs and require licensees to maintain insurance. CNA has more than 50 years of experience in E&O programs, including over 20 years in real estate E&O. CNA is the top provider of real estate liability insurance, delivering more than 100 years of experience, industry knowledge, and financial strength to manage even the most complex risks. You can be confident we will be here for you even after you purchase coverage.

When a Claim is Made,
Our Claims Adjusters Focus on You

Some people assume insurance companies look for reasons to deny coverage. Our duty to find coverage where the policy supports it is our utmost concern. Most insurance providers use one entity to sell the policy and another to handle claims. Because we do both, the information we provide about the policy reflects how it will actually apply in the event of a claim. Providers who donít administer claims may not know how the carrier actually applies the policy when a claim is made.

We Stand by You Even if there is a Claim

You may be involved in a claim even if you did everything by the book. Some providers wonít write your coverage if you have had a claim. Or if you have a claim, they may not renew your policy! There is no need to fear reporting a claim under our program. We understand that having a claim does not mean that you did anything wrong. Anyone can be involved in a transaction that goes sour. Never think that it canít happen to you. And we are here to help you if it does.

Have Questions?

Call us at 1-800-637-7319. We look forward to hearing from you.

Enrollment for the
January 1, 2016 - January 1, 2017
Policy Period NOW AVAILABLE!

Click the "Enroll or Renew" Button on the left for more information.


Not All E&O Providers are the Same . . .
Neither are All E&O Policies

Always Review the Actual Policy Provisions!
The most accurate representation of what a policy covers is the policy itself. We recommend that you review any policy you are considering and ask these questions:

Does the policy provide first dollar defense? Yes. 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.

Does the policy offer unlimited defense costs? Yes. Under the RISC policy, there is no limit on the amount of defense costs available to pay covered claims (except under the fair housing/discrimination, environmental, escrow/earnest money, lock box, subpoena, and regulatory complaint coverages which were not traditionally covered at all under many E&O policies).

Does the policy insure transactions you do for relatives? Yes. The RISC policy applies to claims involving services performed for your parents; grandparents; siblings; aunts; uncles; cousins; children; and spouseís parents, grandparents, siblings, and 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? Yes. 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? Yes. Claims are often made against real estate firms as a result of their licenseesí negligence. Under the group program, the insured licenseeís policy applies to covered claims alleging the firmís vicarious liability for negligent acts, errors, and omissions in the licenseeís professional services. Some policies issued to individual licensees may not provide coverage for the firmís vicarious liability for their actions, which may leave the firm uncovered in the event of a claim against it.

Are insureds satisfied with the providerís service? Yes. Below are excerpts from actual emails we have received:

Rice Insurance Services has consistently responded to our needs in a timely and professional manner. With the current atmosphere of frequent litigation, it is very important to our survival as a real estate service provider to have access to this level of quality when the need arises for insurance coverage. M.G., Iowa Broker

I have had many occasions to work with RISC, and I always have received timely professional service. I have consistently found RISCís management and staff to be friendly, cooperative and fair. J.J., general counsel for large Iowa real estate firm

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 claimís facts, circumstances, and allegations and application of the relevant policyís 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 © 2016 CNA. All rights reserved.

RISC  Rice Insurance Services Company, LLC
We put the Experience and Options in E&O programs
4211 Norbourne Blvd., Louisville, KY 40207
Phone:  502-897-1876
Toll-Free:  800-637-7319 Fax:  502-897-7174 Website:  www.risceo.com