PROTECTION AFTER YOUR POLICY EXPIRES
If an insured licensee retires, places his/her license on inactive status, or allows his/her license to expire, the 2011 Colorado Real Estate Commission’s group policy insures the licensee for claims made and reported within 90 days of the expiration date of the policy, provided the error or omission upon which the claim is based took place after the retroactive date and before the expiration date. Claims made more than 90 days after the expiration date will not be eligible for coverage consideration under the 2011 group policy, unless an optional Extended Reporting Period (ERP) Endorsement is purchased.
OPTIONAL ERP Endorsement: Optional ERP Endorsements are available to licensees who are currently insured under the 2011 group policy and who are not renewing their coverage through RISC for any reason, including because they are retiring, inactivating their license, or obtaining insurance through another carrier.
An ERP endorsement may be purchased within the first 90 days after the licensee’s policy expires and allows the insured to report claims made after the expiration date and during the ERP. The optional ERP Endorsement is important because many professional liability claims are not made until years after the underlying transaction occurred. If a claim is made after the 2011 group policy expires and there is no applicable ERP, then the claim will not be covered under the 2011 group policy. Licensees with coverage expiring January 1, 2012 may obtain an optional ERP endorsement for one year ($243 plus any applicable endorsement premium), two years ($364.50 plus any applicable endorsement premium) or three years ($486 plus any applicable endorsement premium).
sta To purchase an ERP Endorsement, click here for an ERP Enrollment Form. If you have any questions about the optional ERP Endorsement or are interested in purchasing one, please contact us at (800) 637-7319 (ext. 3).