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I am shopping for new E&O Insurance and in doing so I find that the BPO's I do for properties that I am not currently offering to list or place under contract with a buyer are not covered under my regular Real Estate E&O which I have at a 1,000,000 level. In explaining to the new agent what I am wanting, the three quotes she has brought back to me all specifically state that the E&O DOES NOT cover BPO's performed for compensation. Can someone enlighten me or do I now have to bite the bullet and get the expensive insurance that I am being quoted? If so is this going to be a new industry wide problem for all of us?

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That's who I currently have but I am now being told that doesn't cover BPO's that I do for compensation outside of the regular real estate work.
I had the same problem with my general liability and E & O company unable to put the clauses needed by the asset management company. I found Darren Faye at Leonrd Insurance and he has a special program for the REO Industry.
Clyde Rowland

Darren J Faye, CIC
Risk Manager - Leonard Insurance Services
P (330) 826-1826 F (877) 895-9579
dfaye@leonardinsurance.com
d@dfaye.com
Thank you for this Clyde, I will definately check it out.
Beth,
I'm curious what you found out and decided on in your E&O search?

Do any of you have an update on good E@O providers. I'm about to step away from my brokerage and am researching costs, do and don'ts of E&O. Thx, Mike

you have shed light on a topic that few have addressed, good lookin out, it seems there is a new niche for the insurance co as well!

 

gbek

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