Victor O. Schinnerer & Company, Inc. has launched a new real estate errors and omissions (E&O) policy form. The new policy provides additional coverage enhancements for real estate professionals and will be available beginning Jan. 1, 2013.
New features include; privacy response coverage, discrimination coverage, bodily injury and property damage coverage arising out of lockbox claims, open house property damage coverage, free extended reporting period coverage, 100%-owned property management coverage, and public relations coverage. These additions follow Schinnerer’s recent mold and network protection enhancements to the real estate policy.
The admitted filing of the new policy is currently under way. To date, the following states have approved: Ala., Ariz., Ga., Idaho, Ind., Ky., Mich., Minn., Mo., Miss., Mont., N.C., N.J., Nev., Ohio, Ore., Pa., S.C., Utah, Wisc., and Wyo., with more states to follow. Existing policyholders in approved states will be transferred to the new policy at renewal.
Schinnerer offers real estate E&O insurance to a range of real estate professionals including agents, brokers, appraisers, auctioneers, property managers, mortgage brokers, leasing agents, and commercial professionals. Schinnerer’s Real Estate E&O program is written with CNA.
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