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Insurance firm has no room for error.

The Hartford Financial Services Group, Inc., building on its experience insuring major real estate brokers, has just created a new Real Estate Errors and Omission (E&O) Liability product designed specifically for the small to mid-size broker.

And since one size doesn't often fit all in an insurance purchase, or in a real estate transaction, the policy can be customized to meet the needs of different firms.

Professional Liability, or E&O, is similar to malpractice insurance, protecting professionals from liability when an action--or failure to take action--results in injury or financial damage to a client.

The Hartford's new E&O product offers broad coverage for real estate firms engaged in residential sales, commercial sales, property leasing, appraisal and third-party property management. The insurance is underwritten by the company's Hartford Financial Products (HFP) division, a major provider of professional liability and other management liability products.

"Until now, smaller real estate firms have faced a tough challenge to find comprehensive and competitively priced E&O insurance coverage from a financially strong insurance company," said Greg Leffard, a vice president at HFP. "This market segment, and its need for tailored coverage, are both steadily growing, and The Hartford is applying its expertise with larger real estate firms to the underserved, smaller-broker market."

Sold as a stand-alone policy through insurance agents and brokers, The Hartford's Real Estate E&O policy provides broad protection that can be customized to meet the specific needs of brokers at small and mid-size real estate firms. Key policy features include:

Coverage for the sale of agent-owned residential property (subject to policy conditions);

A 50 percent reduction of the deductible when claims are settled by alternate dispute resolution (ADR);

Payment for defense costs in disciplinary proceedings and reimbursement for lost earnings due to court appearances;

A variety of extended loss-reporting-period options, including one that covers retired real estate agents; and

Defense coverage for discrimination charges.
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Publication:Real Estate Weekly
Date:Mar 15, 2006
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