| Each real
estate licensee who is actively licensed in Nebraska shall as a
condition of licensing, carry and maintain errors and omissions
insurance to cover all licensed activities.
Each licensee has the option
of obtaining errors and omissions insurance independently, so
long as the coverage complies with the minimum requirements
established by the Commission and the licensee obtains a
“Certificate of Coverage” signed by an authorized agent or
employee of the insurance carrier (which shall be filed with the
Commission in compliance with the Nebraska Real Estate License
Act). Upon application for issuance or renewal of an active
license, you must certify that you are in compliance with the
insurance requirements of this chapter.
Rice Insurance Services
Company, LLC (RISC) is the administrator of an independent
Errors & Omissions (E&O) insurance program for Nebraska
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 Nebraska
account. The management team of RISC specializes in handling
group programs for states with mandatory real estate E&O
insurance requirements. RISC is located at 4211 Norbourne
Boulevard, Louisville, Kentucky 40207-4048.
This program is designed exclusively to
provide professional liability insurance for Nebraska 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. |
