Rhode Island

Overview

Under Agreement
with the
Rhode Island Department of Business Regulations

All active Rhode Island real estate brokers, associate brokers and salespersons are required to carry errors and omissions insurance as a condition of licensure. The Rhode Island Real Estate Commission has contracted with Rice Insurance Services Company, LLC (RISC) to administer the group Errors & Omissions (E&O) insurance program for Rhode Island 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 (administrative duties include claims handling, policy issuance, marketing mailings, customer service, etc.) of the Rhode Island 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 Rhode Island 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.