Errors & Omissions Insurance for Commercial Real Estate Professionals
The real estate market represents a number of professionals – from property managers, commercial agents and residential agents and brokers to mortgage bankers, title agents and escrow agents – who in the course of their daily work face a number of exposures that can leave them open to a lawsuit.
The types of claims vary. For example, a property buyer sues a Commercial Real Estate agent alleging that the square footage on purchased office space was incorrectly listed. The lawsuit asks for compensation to make up for the diminished value of the property due to the reduced square footage.
In another scenario, a buyer sues an agent claiming misrepresentations were made that a specific property was in good condition and free of major defects. The buyer discovers after escrow closes that the property was fraught with water leaks and has structural issues due to foundational cracks. The lawsuit claims breach of fiduciary duty and negligence.
Tailored Policies to Address Individual Exposures
These and other scenarios, whether the claims have merit or not, can result in significant legal defense costs, which is why it’s so important to have a solid Professional Liability (also known as Errors & Omissions) insurance program.
Professional Liability insurance is designed to protect the assets of real estate agencies and individuals from claims of wrongful acts (errors, omissions, or negligence) that result from the performance of their professional duties. The policy covers defense costs and indemnification in the event of liability for a covered claim.
Not All Policies Are the Same.
At Axis Insurance Services, LLC, we’ll review the exposures you face, determine the scope of services you provide, and tailor a policy for you or your firm. We specialize in Errors & Omissions/ Professional Liability insurance for the real estate industry, providing tailored programs for commercial agents and brokers, large residential firms, property managers, REO specialists, and others.
The Perfect Location for Your E&O Insurance Is Right Here at Axis.
We can discuss coverage options for your business that are tailored to meet your insurance needs. Our E&O team is looking forward to working with you. Contact us today.