General Liability Insurance?

Does anybody carry General Liability Insurance in addition to your Errors and Omissions Insurance?

I've recently been asked by a new Asset Manager to provide proof of this and it's honestly new to me.

If so, could you recommend a good place to get it (and yes, CECE, I've googled the hell out of it... just looking for some friendly insurance referrals if this is commonplace). :-)

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  • If you do REO you should have your own liability insurance. I was in a situation with a buyer falling at an REO property my company folded their hands with their liability insurance. What saved me was that I had my own and went to bat for me, would have cost me over 40k in attorney fees alone.
    • The companies that require liability also require that they are named on the insurance certificate. I don't see how the insurance company can avoid a claim after issuing the certificate.

      A buyer can get hurt at a non-REO property as well. I do understand wanting your own liability insurance.  I've asked my broker several times if I should get my own E&O as well as special business liability and she has said she doesn't see any reason. 

  • LOL.  My broker carries it and I've had 1 or 2 clients ask for it.  The company she has it from is called Accord Corporation and the certificate that was provided to my client looks like she carries it on her auto insurance policy.  Check with your auto insurance carrier first.

    I'm pretty sure you can get it on your home owner's insurance as well.  I carried it on my homeowner's when I had rentals.

    • Thanks CECE. I know my brokerage has it... but it doesn't appear to be inclusive of agents the way the brokerage's E&O is. I've been trying to figure out if it's worth the investment. I guess I'll pick up a policy for a year and either increase my listing activity or learn an expensive lesson. :-)

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