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Insurance Services Company, LLC
We put the Experience and Options in E&O programs
Louisiana Real Estate Commission’s
Designed for Louisiana Licensees
Please Support Your State Program
Over $15 Million in
defense costs and damages have been incurred as of July 31,
2015 since RISC began administering the Louisiana state
group program in 2003. RISC and the carrier share a
commitment to their insureds to provide 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
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. The
insurance carrier is Continental Casualty Company, a CNA
company. CNA has more than 50 years of experience in E&O
programs, including over 25 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.
Enrollment for the
January 1, 2016 - January 1, 2017
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
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 (except under the discrimination, subpoena,
and regulatory complaints coverages, which were not covered
at all under traditional E&O policies).
Does the policy insure
transactions you do for relatives?
The RISC policy applies to claims involving
services performed for your parents; grandparents; siblings;
aunts; uncles; cousins; children; and your spouse’s 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
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)
[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
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 © 2016
CNA. All rights reserved.
Insurance Services Company, LLC
put the Experience and Options in E&O programs
Norbourne Blvd., Louisville, KY 40207