There is no dearth of insurance in the world I would say. My uncle is a real estate agency owner and he was once discussing with my father about the e&o insurance policy. I was sitting there listening to their conversation and I realised okay, there is a type of insurance to protect real estate agents as well. Let me share with you what is errors and omissions insurance in real estate with you.
What is E&O Insurance PolicyErrors and Omissions Insurance provides cover to real estate brokers and agents in case they are sued by their clients. The clients can sue the broker if the deal turns out to be wrong. The cover comes in handy if the verdict goes against the real estate broker or agent.
Coverages provided by E&O PolicyClaims in case of omissions, errors and negligence on account of duties of the real estate agent
Claims covered during the policy tenure if anything goes wrong
Claims arising due to criminal activity undertaken by the real estate agent
Claims arising due to damage caused by real estate agent to third-party property
If you are any of the following parties, you should buy the errors and omissions insurance:
Real estate agent
Real estate broker
Real estate manager
This is all I could gather from their conversation. I hope this information on what is errors and omissions insurance in real estate.
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Authors Of The Question
What is errors and omissions insurance in real estate?
Unnav
121Views
2 Year
2022-06-06T19:45:29+00:00 2022-06-06T19:45:30+00:00Comment
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