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