Group Errors and Omissions Program

Deductible - $1,000.00 per claim for damages

No deductible for defense of covered claim

Allows up to 25% ownership/financial interest by licensee

Prior acts coverage

$25,000 sub limit - damages and expense for claims arising out of Fair Housing Discrimination-subject to $1,000.00 deductible

$5,000 sub limit - property damage or loss of use of property resulting from property damage claims arising out of Lock Box Liability (no duty to defend Lock Box claims).

Higher Limits

Individual licensees may purchase $250,000/$750,000 total limits.  Licensees whose real estate activity is at least 75% residential sales AND who have had no claims in the past 5 years may purchase for $292.00 total premium ($217.00 to LREC + $75.00 to RISC).  

Licensees with residential sales contributing less than 75% of their total real estate activity and/or who have had claims in the past 5 years may purchase for $417 total premium ($217.00 to LREC/$125.00 to RISC)

Optional Coverage By Endorsement

You may purchase additional coverage as separate endorsements to the policy.

A.  Limited Claim Expenses Coverage Regulatory Complaints Endorsement -  provides defense of any complaint to a real estate regulatory  board or commission which arises from a negligent act, error or omission in the rendering of Professional Services that would otherwise be covered by the policy.  Continental Casualty Company will pay Claim Expenses up to a maximum of $2,500 per claim /$5,000 Aggregate in defense of such complaint pursuant to this endorsement. (The cost of this endorsement is $15.00)

B.  There are Limited Claim Expenses Coverage Environmental  Endorsements for each of the three environmental exclusions (pollution, fungi and microbes) which will provide defense of any Claim or lawsuit alleging the Insured Licensee’s failure to detect, report, assess the effects of or advise of the existence of the environmental risk named in the endorsement. Continental Casualty Company will pay Claim Expenses up to a maximum of $2,500 per claim/$5,000 Aggregate in defense of such Claim or lawsuit pursuant to each endorsement. (The cost of this endorsement is $15.00.)

C.  If you have a real estate license in another state that  has  mandatory requirements for insurance, you may purchase a Conformity Endorsement to make your Louisiana policy conform to the requirements of that state. (The cost of this endorsement is $15.00 regardless of the number of mandatory states listed on endorsement.)

Please indicate your selection of endorsements on the supplementary enrollment form.  Send the supplementary enrollment form with your check made payable to RISC.

Excess Program For Firms

Higher limits are also available on an underwritten basis for real estate firms domiciled in Louisiana.  The principal broker or officer of  the firm must complete an excess application form in order to be considered for this excess coverage.  All Licensees associated with the firm must be insured under the group policy.  This program is written by Continental Casualty Company and is not guarantee-issue; however, most Louisiana firms qualify for excess coverage.  Please call RISC’s toll-free number if you have any questions.