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
Louisiana Real Estate Commission’s Group Policy
Designed for Louisiana Licensees
Please Support Your State Program
Over $15 Million in defense costs and damages have been incurred as of August 31, 2014 since RISC began administering the Louisiana state group program in 2003. RISC and the carrier share a commitment to their insureds and providing valuable coverage to Louisiana licensees. When shopping for insurance coverage it’s important to ask about the company’s experience and paid claims in Louisiana. If a company is charging a very low amount, you may find out the carrier doesn’t 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 program’s low premium, other carriers have no incentive to offer real estate E&O policies at affordable prices. In states without a group program, 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 don’t 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 won’t write your coverage if you’ve 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 can’t happen to you. And we are here to help you if it does.
Call us at 1-800-637-7319. We look forward to hearing from you.
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Not All E&O Providers are the Same . . .
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. There is no deductible for 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. There is no limit on the amount of defense costs under the basic policy (defense costs are limited under the discrimination coverage; however, traditional E&O policies provide no coverage at all for this type of claim).
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; or your 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? 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 licensees’ negligence. Under the group program, the policy applies to covered claims alleging the firm’s vicarious liability for negligence in the insured 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.
Are Insureds satisfied with the provider’s service? Yes. Below are excerpts from actual emails we have received:
[Your employee’s] hard work and long hours were particularly appreciated as evidence of my E&O coverage afforded me the opportunity to garner a new client this morning. But for [your employee’s] dedication, I would not have been able to close the deal. D.B. (LA licensee)
Wanted to thank you for all of your help over the years and quick response I received whenever I needed something. J.C. (retired LA licensee and former office manager of large real estate firm)
[T]he service Rice provides is bar none, and I must say that in my years of doing real estate, I have yet to see any insurance company offer what Rice does as far as quality service and professionalism in the industry. You have definitely set the bar, and it is such a pleasure to work and do business with friendly, service-oriented professionals such as you and [your staff]. T.G. (LA licensee)
What’s the premium for excellent customer service and individual attention when you need it?
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 Louisiana. CNA is a registered
trademark of CNA Financial Corporation. Copyright © 2014
CNA. All rights reserved.
Insurance Services Company, LLC