Real Estate Errors & Omissions (E&O)
Introducing new Errors & Omissions Real Estate Professional Policy Features!
- New! Mold Endorsement: This important option now offers limits beginning at $100,000.
- New! Subpoena Assistance: No-cost legal assistance—$30,000 per policy period—for when you are not party to the claim.
- New! Free 3-year Extended Reporting Period: New policy provides free 3-year tail for death, disability, or retirement when insured with us for 4 years.
- New! Loss Mitigation Credit: Exclusive to Pearl Insurance—firms may receive credit for use of an experienced short-sale mitigation service resulting in reduced short-sale claims.
- New! Network & Privacy: Get protection if private client information is lost or stolen from your networks and more—a $25,000 sub-limit built into the policy!
- New! Not-for-Profit D&O: Exclusive to Pearl Insurance. Get Directors & Officers (D&O) Liability Insurance protection for not-for-profit activities.
- Improved! Agent-Owned Property: Get immediate coverage—no waiting period applies!
- Improved! Early Claims Resolution: Provides deductible reduction—now for defense and damages—when a claim is closed within 12 months.
- Improved! Open House Property Damage Coverage Option: Up to full policy limits.
The above features are available for only the following states: AL AZ AR CT DE DC FL GA IL IN KS ME MD MA MI MN MO MT NV NH NJ NC OH OK OR PA SC TX UT VT VA WA WV WI
- Nationwide
Features - Additional
Features
- Pearl's program is underwritten by the XL Insurance companies (Greenwich Insurance Company and Indian Harbor Insurance Company)—rated "A" (excellent) by A.M. Best
- Choice of per claim coverage and aggregate limits range from $250K/$250K to $5M/$5M
- Choice of per claim deductibles range from $1,000 to $25,000 (higher deductibles available)
- Covered Professionals include Real Estate Agent, Broker, Leasing Agent, Property Manager, Auctioneer, Appraiser, Consultants, Short-Term Escrow Agent, Referral Agent, and Notary Public
- Environmental Failure to Advise up to full policy limits (includes pollutants, asbestos, lead, and radon)
- Consent to Settle
- Attorney Selection by the Insurance Company or by the Insured with written consent
- Defense Outside Limits
- Innocent Partner Protection included for fraud and late reporting
- Personal Injury
- Coverage for the Sale of Agent-Owned Residential Properties held for over 180 days
- Short-Term Escrow
- Vicarious Liability for Franchise Corporation
- Risk Management Services
Except California, Hawaii, and New York
- Worldwide coverage expanded to now cover an act or omission taking place anywhere in the world (removes previous physical limitations)
- All-new Public Relations Advisory Services providing up to $15,000 in coverage per qualifying event (limit $50,000 per policy period)
- Spousal coverage extension amends definition of insured to also include the lawful spouse or qualifying domestic partner of any present or former partner, member, officer, director, employee, or independent contractor
- Valuable new Liberalization Clause provides current insureds with automatic coverage for mid-term enhancements to the XL Insurance policy (if no premium is charged for the increased coverage)
- Reimbursement of Expenses increased to $750 per day, $10,000 per claim (up to a maximum of $50,000 per policy period)
- Lockbox coverage to full policy limits (all types of lockboxes are covered; no deductible applies to this benefit)
- Open House Property Damage coverage ($50,000 sub-limit)
- 50% deductible reduction for claims resolved within one year (limit $5,000 per policy period; applies to damages only)
- Automatic Fair Housing Discrimination sub-limit of $250,000 that provides defense and damages (up to $1,000,000 available)
- $15,000 included for Regulatory Complaints with a $30,000 aggregate per policy period
- Coverage for services via the insured’s internet, email, telecommunications, and other similar systems
- $250,000 Lockbox sub-limit (all types of lockboxes are covered; no deductible applies to this benefit)
- $250 per day for Reimbursement of Expenses (up to $10,000 per policy period)
- $50,000 Lockbox sub-limit (all types of lockboxes are covered)
- Deductible Reduction that applies to claims expenses up to 50% (applies to all claims per policy period)
- $250 per day for Reimbursement of Expenses (up to $10,000 per policy period)
- Vicarious Liability Discrimination coverage for discriminatory acts of others
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