Professional Liability Consulting Services, Inc. is a Broker Member of Victor Insurance Managers Inc.’s National Elite Broker Network and a leading and recognized industry expert for Real Estate Errors & Omissions (E&O) Insurance.
1. Negligence: Failing to perform due diligence or to act in the best interest of your clients can lead to negligence claims.
2. Misrepresentation: Providing inaccurate information about a property’s condition, value, taxes, zoning, school district, or other features can result in legal action.
3. 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.
4. Disclosure Issues: Not disclosing known defects or issues with a property can lead to claims, particularly if the buyer later encounters problems.
5. Contractual Disputes: Disputes arising from the interpretation or execution of purchase agreements, listing agreements, or other contracts can expose agents to liability.
6. Fair Housing Violations: Failing to comply with fair housing laws can lead to discrimination claims and significant penalties.
7. Fraud and Deceptive Practices: Allegations of fraudulent practices, such as manipulating offers or misrepresenting property details, can result in legal repercussions.
8. Inadequate Marketing Practices: Misleading advertising or failure to comply with advertising regulations can lead to claims.
9. Client Relations: Disputes with clients over commissions, services rendered, or appraisal values can escalate into legal issues.
10. Market Fluctuations: Claims may arise if clients feel inadequately advised about market risks or property values.
11. Technology Risks: Marketing using online platforms and social media can lead to privacy breaches or unintended legal exposure.
Please be advised that the above titles, headings, definitions, terms, and descriptions are for illustrative purposes only and are not a contract. Please refer to the actual policy and all endorsements for a complete description of coverage, as certain Conditions & Exclusions apply.
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: If you do not qualify for the Small Firm Rapid E&O Liability Program, please complete the Main Form Real Estate Professionals Errors and Omissions Liability Application.
Arizona, Connecticut, the District of Columbia, Illinois, Maryland, Massachusetts, New Jersey, North Carolina, Pennsylvania, and Texas.
New York
All States
We Highly Recommend Standalone Cyber Liability Coverage.
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.
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
Does the firm anticipate deriving more than $150,000 in gross commission income in the coming 12 months?
Does the firm provide services involving, real estate leasing or property management, commercial real estate sales, business brokerage, real estate appraisal, real estate construction development, or mortgage brokerage?
Does the applicant firm employ more than five (5) licensed real estate agents or independent contractors (including principals and partners)?
Does the applicant derive more than 25% of its total revenues from a single client or maintain an exclusive listing agreement with a builder or developer?
Have you or anyone to whom this insurance would apply had their license revoked, been investigated, or been subject to any disciplinary action by any licensing board, real estate association, or other regulatory body during the past five years?
Are you or anyone to whom this insurance would apply aware of any filed claims, acts, errors, omissions, or other circumstances which might reasonably be expected to be the basis of a claim or suit?
Have you or anyone to whom this insurance would apply been refused insurance, canceled, non-renewed, or declined during the past 5 years? (This restriction does not apply to cancellation for non-payment of premium)
Remember, all applications must be signed and dated by the owner/broker of the applicant firm.
Please submit a copy of your Declaration Page and all Endorsements, so that we may provide Prior Acts Coverage.
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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.