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New Mexico real estate brokers and salespersons are required to
carry errors and omissions insurance as a condition of
licensure. The New Mexico Real Estate Commission has contracted
with Rice Insurance Services Company, LLC (RISC) to administer
the group Errors & Omissions (E&O) insurance program for New
Mexico 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 New Mexico 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 New
Mexico 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. |
