The real estate industry, including real estate agents, as a result of an economic crisis that battered the housing market and stalled commercial development, has weathered a difficult time over the last several years. The housing bubble and economic downturn resulted in record foreclosures and lawsuits involving lending practices, short sales, among other issues. In addition, many real estate professionals to improve their financial outlook during these difficult times expanded their services, operating as property managers, title or closing agents and appraisers. This added to their level of exposure and potential for increased liability in the course of their work. Some, unfortunately, found out too late that they were not covered under their Professional Liability policy for some of the services they took on.
As a result, more than ever real estate agents as well as others in the industry saw how important the implementation of Best Practices coupled with sound Professional Liability insurance coverage is in responding to alleged claims of errors, omissions or negligence in the course of providing professional services. They also realize how critical it is to have someone who understands their profession, the scope of services they may provide and how to best insure against liability.
Covering the Real Estate Industry
AP Specialty, a national professional liability wholesale facility, has the expertise and experience to position your agency or brokerage as an expert in E&O insurance for real estate professionals. We can provide you with customized Errors & Omissions insurance for your real estate clients. Coverage is available for claims that arise from a number of exposures, including issues involving: the purchase or sale of properties by real estate agents/brokers on behalf of their clients; defense of discrimination claims arising from alleged violations of the Fair Housing Act; physical damage to property arising from alleged negligent use of a lock box; data breaches; among others. We can also assist you in determining the extent of the services your clients provide so that enhanced coverages can be offered as part of the policy to address their exposures.
Eligible accounts include real estate agents and brokers for both residential and commercial real estate properties, real estate consultants, lease agents and brokers, among many others that serve the real estate segment.
As an insurance agent or broker, you play a key role in helping real estate practices their businesses. At AP Specialty, our seasoned staff will assist you in providing the right Professional Liability solution for your clients. Contact us for more information at (310) 322-1301.