Posted on 08 Sep 2011
Coverage for open houses, mold, network risks and privacy claims are now part of Victor O. Schinnerer & Company’s Real Estate E&O policy. Schinnerer includes the three new coverages at no additional premium.
“We understand our real estate policyholders operate in an evolving industry where new and increased risks are a given,” said Jim Snyder, senior vice president of Schinnerer’s Real Estate E&O program. “We are constantly studying market trends and recognize the increased potential for claims when open houses, network risks, or mold are part of the equation. And we’re pleased to offer these coverages for no additional premium.”
Open house coverage applies to property damage during an advertised designated period of time where multiple potential buyers have the opportunity to view the specific property that is listed for sale by the real estate professional. The open house coverage comes with a $50,000 sublimit.
Coverage for privacy claims and client network damage claims are now included in the policy. The coverage applies to allegations of privacy injury and identity theft and claims that allege a security breach or electronic infection caused network damage to a client’s network while performing professional real estate services.
Also included in the policy is mold coverage for claims arising out of a real estate professional’s failure to advise of the existence of fungi or microbes while rendering professional real estate services related to a residential property. Mold coverage is offered at full policy limits up to $1,000,000.
The filing of the enhancements is currently under way. To date, the following states have approved: Arizona, Michigan, Indiana, Connecticut, Alabama, Illinois, Missouri, New Jersey, Pennsylvania, South Carolina, Utah, Washington, West Virginia and Ohio. Existing policyholders will have the enhancements added at renewal.
Schinnerer offers real estate errors & omissions insurance to a wide range of real estate professionals including agents, brokers, appraisers, auctioneers, property managers, mortgage brokers, title agents, and commercial professionals. Schinnerer’s Real Estate E&O program is written with program insurer, CNA. The coverage is admitted and available in all states, D.C., Puerto Rico and the U.S. Virgin Islands.