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Our Products |
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Products > Professional Coverage > E&O FAQ
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| Real Estate Errors & Omissions (E&O) Frequently Asked Questions |
| Q. |
How can I reduce my risk?
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| A. |
You can reduce your risk in many ways. Some key risk reduction techniques include maintaining well-documented files of all transactions with your clients, never interpreting conditions of the property--leave that to the professionals, and always recommending a professional home inspection and warranty to your clients. Pearl also provides several risk management tools to help real estate professionals effectively minimize their legal liability. These include nationwide Risk Management Seminars, monthly real life claims examples and prevention tips, and various articles addressing issues you and your firm face on a daily basis.
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| Q. |
How can I reduce my premium?
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| A. |
One of the nice things about Pearl's E&O program is that we have developed many innovative rate credit features to help you reduce your premium. These include:- Attend Risk Management Seminars. Not only will you learn why risk management is important to your firm, but we'll also provide you with 12 key risk management techniques you can begin implementing that day.
- Maintain an Office Procedures Manual. A good training manual will not only help new REALTORS® acclimate to the field, seasoned REALTORS® will also benefit from having a standard set of procedures in place to ensure compliance in all client transactions.
- Offer Home Warranties. By offering your clients a home warranty at the time of purchase, you are shifting some of the risk to the warranty company for possible problems that could arise with the house that first year.
- Earn Professional Designations. If 15% of your firm earns professional designations, you will be eligible for additional premium credits.
- * Use standard forms from local and state REALTOR® associations. By using standard forms from local REALTOR® boards, you can eliminate some risk factors by making sure your transaction forms and documentation are complete, and are up to par.
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Pearl Insurance |
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