Posted on 13 Dec 2012 by Neilson
Victor O. Schinnerer & Company, Inc. today announced the launch of a new real estate errors and omissions (E&O) policy form. The new policy provides additional coverage enhancements for real estate professionals and will be available beginning January 1, 2013.
New features include; privacy response coverage, discrimination coverage, bodily injury and property damage coverage arising out of lockbox claims, open house property damage coverage, free extended reporting period coverage, 100%-owned property management coverage, and public relations coverage. These additions follow Schinnerer's recent mold and network protection enhancements to the real estate policy.
"We understand that real estate professionals operate in an evolving industry where new and increased risks are a given," said Eric Myers, vice president and manager of Schinnerer's Real Estate E&O program. "We are constantly studying market trends and recognize the increased potential for claims, and we are pleased to offer features that are tailored to real estate agents and provide them with the unique coverages they need."
The admitted filing of the new policy is currently under way. To date, the following states have approved: AL, AZ, GA, ID, IN, KY, MI, MN, MO, MS, MT, NC, NJ, NV, OH, OR, PA, SC, UT, WI, and WY, with more states to follow. Existing policyholders in approved states will be transferred to the new policy at renewal.
Schinnerer offers real estate E&O insurance to a wide range of real estate professionals including agents, brokers, appraisers, auctioneers, property managers, mortgage brokers, leasing agents, and commercial professionals. Schinnerer's Real Estate E&O program is written with A-rated carrier CNA. Schinnerer has underwritten real estate professionals risks since 1983.
Victor O. Schinnerer & Company, Inc. is one of the largest and most experienced underwriting managers of professional liability and specialty insurance programs in the world. Schinnerer now serves more than 46,000 insureds in various specialty industries through independent insurance agents and brokers. Learn more at www.schinnerer.com <http://www.schinnerer.com> .