London American Professional Liability introduces a new Real Estate Agents & Brokers E&O Program
Fort Lee, New Jersey – London American Professional Liability, LLC (LAPL), a Program Administrator and MGA, introduces a new program for Real Estate Agents and Brokers Errors and Omissions. The program is being offered in most states and is underwritten by an A (Excellent) A.M. Best rated insurance carrier. This professional liability program is designed to protect Real Estate firms and associated Real Estate industry professionals with revenues up to $250 million.
Policy Highlights include:
- Primary and Excess coverage available
- Punitive damages coverage
- Personal injury coverage
- Predecessor firm coverage
- Discrimination Liability sub-limit of $50,000
- Lock box liability sub-limit of $50,000
- Supplemental Limit of Liability for Expense Reimbursement of $350 each day with a $5,000 aggregate limit
- Coverage is extended to independent contractors by agreement of Named Insured and if a fee inures to the Named Insured for subject Professional Services
- Coverage is extended to employees while acting within the scope of their employment duties
- Covered Professional Services includes services performed as a real estate agent, real estate broker, real estate personal assistant, escrow agent, title agent, title abstractor, leasing agent, real estate auctioneer, real estate appraiser, mortgage broker, property manager, real estate consultant/counselor, expert witness, notary public or member of a formal real estate accreditation, standards review or similar real estate board or committee.
- Mediation provision reduces retention
- Automatic 60-day extended reporting period
- Worldwide coverage for suits brought in the U.S.
- Company has right and duty to defend
Limits/Deductibles/Premiums:
- Up to $5,000,000 each claim/$5,000,000 Annual Aggregate Limit
- Minimum retention $5,000
- Minimum premium $5,000
For more information, please contact Ed Velasquez, President, London American Professional Liability evelasquez@londonamericantx.com, Ph 201.944.7000 or visit the company’s website at
www.londonamericannj.com.
Media Contact:
Zane Carson
Director of Marketing
London American Risk Specialists, Inc.
713-977-7726
zcarson@londonamericantx.com
