| All
active Tennessee real estate brokers, affiliate brokers
and timeshare salespersons are required to carry errors
and omissions insurance as a condition of licensure. The
Tennessee Real Estate Commission selected Rice Insurance
Services Company, LLC (RISC) as the program
administrator for the group Errors & Omissions (E&O)
insurance program for Tennessee 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 of the Tennessee account (administrative
duties include claims handling, policy issuance,
marketing mailings, etc.) 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.
This program is
designed exclusively to provide professional liability
insurance for Tennessee Real Estate Licensees. Even the
most careful professional cannot always prevent the
filing of a frivolous lawsuit nor can they preclude
making an honest mistake. Under this program, the
insurance provider has the responsibility of defending
as well as paying a settlement or judgment on covered
claims, subject to the deductible, up to the limits of
liability. |
