Insurance for Real Estate Agents


Businessowners Policy - Real Estate Agents Office Property Coverage

("special" form)

PRINCIPAL COVERAGES
Fire & Lightning
Windstorm & Hail
Explosion
Vehicle or Aircraft Damage
Smoke
Building Glass Breakage
Theft
Falling Objects
Collapse
Vandalism

Any other risk of physical damage to building and contents not specifically excluded.

OTHER COVERAGES
Replacement cost coverage on building and contents
Loss of business income - no dollar limit
Valuable papers coverage up to $1000

OPTIONAL COVERAGES (May be added for an additional premium)
Grade floor glass
Money and Securities
Exterior signs
Earthquake

PRINCIPAL EXCLUSIONS
Flood; earthquake; enforcement of building codes, laws or ordinances; deterioration, wear & tear; damage caused by animals or insects; power failures; oil leaks or other pollution; workers compensation claims

DEDUCTIBLE CLAUSE
Pays only for losses in excess of deductible selected.


Businessowners Policy - Real Estate Agents Office Liability Coverage

Broad Form liability, including:
bodily injury and property damage
libel, slander, defamation of character, false arrest, products, contractual, host liquor, fire damage legal liability and medical payments

Provides coverage for liability arising out of the ownership, operation, maintenance or use of:

The premises you use for general office purposes;

Premises listed with you for sale or rental,if:
You do not own, operate, manage or rent the premises
They are not in your, care custody or control
You do not act as agent for the collection of rents, or in any supervisory capacity



Real Estate Property Managers Liability Policy

Provides coverage for Bodily Injury and Property Damage for your Property Management operations subject to the following:

Does not apply to Property Damage to property you operate or manage or as to which you act as agent for the collection of rents or in any other supervisory capacity. (The coverage is provided by the owner's property insurance).

This exclusion may be mitigated by including a "Waiver  of Rights of Recovery"  in your Rental Management Agreement.

With respect to your liability arising out of your management of property for which you are acting as real estate manager this insurance is excess over any other valid and collectible insurance available to you.

Property Manager means a person providing the following services in connection with the management of commercial or residential property:
A. development and implementation of management plans and budget;
B. oversight of physical maintenance of property;
C. solicitation, evaluation and securing of tenants and management of tenant relations, collection of rents and processing evictions;
D.development, implementation and management of loss control and risk management plans for real property;
E.development, implementation and management of contracts and subcontracts (excluding property and liability insurance contracts) necessary to the daily functioning of the property; or
F.personnel administration and record keeping in connection with a managed property;
Property Manager does not include a construction manager



Real Estate Professionals Errors and Omissions Policy

Covers all amounts you become legally obligated to pay as damages as a result of a claim by reason of an act or omission in the rendering of professional real estate services.
Why do I need errors and omissions insurance?



Nonowned & Hired Car Coverage

Non owned auto coverage would insure your business for claims arising out of employees' use of their own autos in your business. For example, if an employee running an errand for the business were involved in a serious accident, the business would probably be sued as well as the employee.

It is important to note that coverage does not extend to the employee - it covers only the business itself. It is sometimes possible to obtain coverage for employees for an additional premium.

Hired auto coverage would extend your business auto coverage to vehicles which you might rent or borrow (excluding those of employees, partners or their households).

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