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Iowa Real Estate Commission
All active Iowa real estate brokers and
salespersons are required to carry errors and omissions insurance as a
condition of licensure. The Iowa Real Estate Commission has contracted with
Rice Insurance Services Company, LLC (RISC) to administer the group Errors
& Omissions (E&O) insurance program for Iowa licensees. Continental
Casualty Company, one of the CNA insurance companies, is the insurance
carrier for the E&O program. The CNA insurance group is one of the
largest writers of commercial property casualty insurance in the United
States and is rated "A (Excellent)" by A.M. Best.
RISC provides all servicing (claims handling,
policy issuance, marketing mailings, customer service, etc.) of the Iowa
account. The management team of RISC specializes in handling group programs
for states with mandatory real estate E&O insurance requirements and has
been servicing the Iowa group program since 1995. RISC is located at 4211
Norbourne Boulevard, Louisville, Kentucky 40207-4048.
This program is designed exclusively to provide
professional liability insurance for Iowa Real Estate Licensees. Even the
most careful professional cannot always prevent the filing of a frivolous
lawsuit nor can he/she preclude making an honest mistake. Under this program,
the insurance carrier has the responsibility of defending, as well as paying
a settlement or judgment on covered claims, up to the limits of liability.