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Real Estate Agents & Brokers

Real Estate Agents & Brokers

National Association of REALTORS ® NAR REALTOR Benefits ® Program

Professional Liability Consulting Services, Inc. is a Broker Member of the Victor Insurance Managers National Elite Broker Network and a leading and recognized industry expert for Real Estate Errors & Omissions (E&O) Insurance.

Available in Arizona, Connecticut, Colorado, District of Columbia, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, Texas, Vermont, and Washington.

Cost-Effective, Comprehensive, and Trustworthy Insurance Coverage Solutions for:

  • Real estate agents
  • Real estate brokers
  • Real estate appraisers
  • Property managers
  • Real estate leasing agents
  • Short-term escrow agents
  • Mortgage brokers, and
  • Auctioneers of real property
  • Expert witnesses, real estate consultants, or counselors provided such services are limited to the areas specified above
  • Notary public or member of a formal real estate accreditation, standards review, or similar real estate board or committee

Note: Construction manager services are not professional real estate services.

Extensions of Coverage

  • Broad Definition of Insured: Any person who is or becomes your partner, officer, director, employee, member, or independent contractor during the policy period; any person previously affiliated with you as your partner, officer, director, employee, member, or independent contractor; Insured also means any real estate corporation of which you are a franchisee, but only as respects such real estate corporation’s liability for acts or omissions of an Insured in the rendering of professional real estate services.
  • Full Prior Acts: Prior Acts to match current coverage.
  • Predecessor Firm Coverage: Predecessor firms would be covered for past acts.
  • Discrimination: Wrongful Discrimination means any act or omission constituting or relating to discrimination, humiliation, harassment, or misconduct that includes but shall not be limited to an individual’s race, creed, color, age, gender, national origin, religion, disability, marital status or sexual preference.
  • Employment Practice Liability (EPL) Coverage Plus Discrimination: Coverage includes discrimination coverage and employment practice claims, including wrongful dismissal or discharge or termination of employment, sexual harassment, demotion, failure to employ or promote, employment-related libel or slander, humiliation, invasion of privacy, and violation of any federal, state or local laws (whether common-law or statutory) concerning employment or discrimination in employment.
  • Lock Box: This means a claim alleging property damage or bodily injury arising from the Insured’s maintenance, operation, or use of a lock box in providing professional real estate services on property not owned, occupied by, or leased to the Insured.
  • Open House: This means a claim alleging that property damage occurred due to an act or omission during an open house.
  • Residential Ownership: Coverage for the actual or attempted sale of residential property wholly or partially owned by an Insured or an Insured’s spouse or domestic partner.
  • Pollutants, Mold, Fungi, or Microbes: Coverage based on or arising out of the Insured’s failure, in any way, to advise of the existence of pollutants. (ii) based on or arising out of the Insured’s failure, in his or her capacity as a real estate agent or broker, to advise buyers or sellers of residential property of the existence of mold, fungi, or microbes at such residential property, but if, and only if certain conditions were met.
  • Territory: The Policy applies to acts or omissions that happen anywhere in the world provided that a claim is made, or a suit is brought against an Insured in the United States of America, its territories or possessions, or Puerto Rico or Canada.
  • First Dollar Defense: The Deductible shall only be applied against Damages. Claim Expenses shall not be subject to the Deductible amount.
  • Claim Expense Outside Limits of Liability: Claim expenses incurred due to a covered cause of loss will not erode the available Limits of Liability to pay a damage award.
  • Licensing Proceeding Defense: This includes coverage for attorney fees and other reasonable costs, expenses, or fees resulting from the investigation or defense of a proceeding before a real estate licensing board.
  • Loss of Earnings: Reasonable expenses incurred by the Insured at the Insurer’s request to investigate and defend a Claim.
  • Crises Event Expenses: Reasonable fees, costs, and expenses incurred by the Named Insured for consulting services provided by a public relations firm to the Named Insured in response to a Crisis Event.
  • Subpoena Assistance: The Insurer will retain an attorney to provide advice regarding the production of documents, to prepare the Insured for sworn testimony, and to represent the Insured at the Insured’s depositions.
  • Privacy Response: The carrier will pay for expenses incurred to hire a computer forensics firm to investigate the existence and cause of any computer or network security breach and to determine the extent of any unauthorized release or use of confidential commercial information or non-public personal information.
  • Extended Reporting Period Options: Free unlimited coverage If a designated principal, partner, or owner retires or otherwise voluntarily ceases, permanently and totally, performing professional real estate services.

PLEASE BE ADVISED: Please be advised that the above titles, headings, definitions, terms, and descriptions are for illustrative purposes. Policies differ, so please review the policy and all endorsements for a complete description of coverage, as specific coverage extensions, conditions, and exclusions apply.

REAL ESTATE AGENTS & BROKERS
PROFESSIONAL LIABILITY EXPOSURES

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APPLICATIONS & SUBMISSION REQUIREMENTS

Small Firm Rapid E&O Liability Application

Brokers / Owners – Do You Qualify For The Small Firm Rapid E&O Liability Program? Please locate your state and complete the corresponding Small Firm Rapid E&O Liability Application to see if you qualify. Annual Pricing is as low as $500.00 and will cover all your independent contractors. 

IMPORTANT: To qualify for the Real Estate Rapid E&O Liability Program, all questions on the application MUST be answered ‘NO’.

RAPID E&O APPLICATION FOR: Arizona, District of Columbia, Maryland, Massachusetts, North Carolina, Texas, Vermont, & Washington

Small Firm Rapid E&O Application

RAPID E&O APPLICATION FOR: Connecticut, Illinois, Indiana, Kansas, Maine, Michigan, New Hampshire, New Jersey, Ohio, & Pennsylvania

Small Firm Rapid E&O Application

RAPID E&O APPLICATION FOR: New York

Small Firm Rapid E&O Application: New York

PLEASE NOTE: The Small Firm Rapid E&O Program is not available in the states of Colorado and Rhode Island. Firms located in Colorado and Rhode Island must complete the Main Form Real Estate Application below. 

Main Form Real Estate Professionals Errors
and Omissions Liability Application

APPLICATION FOR: All States

All States Application

Remember, all applications must be signed and dated by the Broker/Owner of the applicant firm.

Please submit a copy of your Declaration Page and all Endorsements so we may provide Prior Acts Coverage.

We Highly Recommend A Standalone Cyber Liability Policy.

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We Highly Recommend A Standalone Employment Practices Liability Policy.

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Please make all checks payable to PLCSI and remit them to the address below:

PLCSI
45 KNOLLWOOD ROAD, SUITE 202
ELMSFORD, NY 10523

Very Important. Coverage cannot be bound until all required documentation and the premium due are received, reviewed, and accepted by Underwriters. Coverage cannot be back-dated, so please ensure your information is submitted on time. All submissions are individually underwritten to determine program eligibility and terms.

Please email or fax completed forms to: newbusiness@plcsi.com

Questions? Phone: (914) 592-6505

Fax to: (914) 592-6508

Address: 45 Knollwood Rd, Suite 202, Elmsford, NY 10523

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1-914-592-6505

PROFESSIONAL LIABILITY / E&O INSURANCE

Appraisal Management Company

Architect

Accountant, Enrolled Agent, Bookkeeper & Tax Preparer

Engineer

Investment Advisor & Certified Financial Planner

Land Surveyor

Lawyers

Property Manager

Real Estate Appraisers

Real Estate Agents & Brokers

Title Agent / Abstractor / Escrow & Closing Agent

Miscellaneous Professional Liability Insurance

SPECIALITY LINES INSURANCE

Cyber Liability

Employment Practices Liability

Management Liability / Directors & Officers (For Profit & Not for Profit)

Excess Liability

Crime Insurance

Fidelity Bond

Fiduciary / ERISA Bond

APPLICATION FORMS

PLCSI Premium Estimate Application Forms

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WEBSITE DESIGNS // MSM DIGITAL

National Association of REALTORS ® NAR REALTOR Benefits ® Program Professional Liability Consulting Services, Inc. is a Broker Member of the Victor Insurance Managers National Elite Broker Network.

Real estate brokers and agents face several professional liability exposures, including:

Negligence: Failing to perform due diligence or to act in the best interest of your clients can lead to negligence claims.

Misrepresentation: Providing inaccurate information about a property’s condition, value, taxes, zoning, school district, or other features can result in legal action.

Breach of Fiduciary Duty: Agents and brokers have a fiduciary duty to their clients. Failing to uphold this duty can lead to lawsuits, especially if clients feel their interests were not prioritized.

Disclosure Issues: Not disclosing known defects or issues with a property can lead to claims, particularly if the buyer later encounters problems.

Contractual Disputes: Disputes arising from the interpretation or execution of purchase agreements, listing agreements, or other contracts can expose agents to liability.

Fair Housing Violations: Failing to comply with fair housing laws can lead to discrimination claims and significant penalties.

Fraud and Deceptive Practices: Allegations of fraudulent practices, such as manipulating offers or misrepresenting property details, can result in legal repercussions.

Inadequate Marketing Practices: Misleading advertising or failure to comply with advertising regulations can lead to claims.

Client Relations: Disputes with clients over commissions, services rendered, or appraisal values can escalate into legal issues.

Market Fluctuations: Claims may arise if clients feel inadequately advised about market risks or property values.

Technology Risks: Marketing using online platforms and social media can lead to privacy breaches or unintended legal exposure.

Real Estate Agents & Brokers: The work of real estate agents and brokers involves navigating a complex landscape of legal, financial, and contractual responsibilities, which require maintaining high professional standards and staying current with market trends and regulations. Even minor oversights in handling transactions, disclosures, or client communications can lead to disputes or legal claims. Effective communication, attention to detail, and thorough knowledge of property laws are essential to avoiding these risks. As a result, comprehensive professional liability coverage is vital to protect against potential claims and ensure that agents and brokers are adequately covered in case of errors or omissions in their services.

Attorneys and law firms face several professional liability exposures, including:

Negligence: Failing to meet professional standards or deadlines, including not conducting proper legal research, missing filing deadlines, failing to advise clients appropriately, giving incorrect or incomplete legal advice, and lacking due diligence in reviewing legal documents or contracts.

Conflict of Interest: Representing clients with conflicting interests, such as multiple clients with adverse positions or personal interests that interfere with professional duties, and failure to disclose conflicts or obtain proper consent from all affected parties.

Breach of Confidentiality: Disclosing client confidence or sensitive information without proper authorization and failing to protect client information, especially in the digital age.

Failure to Supervise: Failure to properly supervise associates, paralegals, or other employees leads to errors or omissions and inadequate oversight of subordinates’ work, especially in cases involving complex legal issues.

Fraud or Misrepresentation: Making false representations or failing to disclose material facts that could influence a client’s decision or the case outcome and engaging in fraudulent conduct or misusing client funds.

Incompetence: Taking on cases outside one’s expertise or failing to provide competent legal representation and not staying updated on changes in law or legal procedures relevant to a case.

Client Relations and Communication: Poor communication with clients leads to misunderstandings, dissatisfaction, or loss of trust, as well as failure to provide updates, manage client expectations, or adequately explain legal terms or processes.

Failure to File or Meet Deadlines: Missed filing deadlines, court dates, or failure to comply with procedural requirements can lead to negligence and malpractice claims. In cases involving statutes of limitations, missing deadlines can be particularly problematic.

Litigation Strategy and Decision-making: Poor strategic decisions in litigation include taking unwarranted risks, failing to pursue meritorious claims, and misjudging the likelihood of success or settlement opportunities.

Client Mismanagement: Failing to manage the client’s legal affairs organizationally, resulting in economic loss, penalties, or legal consequences.

Conflict with Third Parties (e.g., opposing counsel, courts): Claims may arise from mishandling interactions with third parties, such as opposing counsel or the courts, which may harm a client’s interests.

Alleged Violation of Ethical Standards: Claims arising from perceived violations of the professional code of ethics, such as misconduct, dishonesty, or breaches of fiduciary duties.

The above exposures highlight the complex nature of legal work and the importance of maintaining high professional standards, staying informed about legal developments, and ensuring effective client communication and management. Legal malpractice claims can arise from minor oversights, so adequate professional liability coverage is crucial for all practicing attorneys.