Zoom Logo

Industry Update: E&O Insurance Coverage (and gaps) for brokers w/ Paul Bondy - Shared screen with speaker view
Barry Bounds
Where will the Wire Fraud meeting be held?
Jill Cox
It'll be just like this, Barry! A Zoom webinar.
Karen Christensen
Maybe too early for this question but like Damian said, I've always been told broker shouldn't investigate these disclosures, then how are the brokers liable in the end with these claims?
Dawn Gonzales
Can you clarify...Are you referring to agents who are also loan officers providing home loans, or agents providing loans for money during the transaction?
Dawn Gonzales
perfect, thank you!
Gary or Tom Spall
I thought Colorado no longer has Dual Agency.Representing the Buyer and Seller.
Damian Cox
Colorado does not have dual agency. But brokers do get in trouble when they act as a transaction broker for both the buyer and the seller.
Rhonda Basey
Does an independent agent (no broker) only need to pay for one individual policy?
Damian Cox
Dawn Gonzales
So, we're not talking about a group policy correct?
Damian Cox
Firm and group policies are synonymous.
Karen Christensen
What is the process in which E&O kicks in? Is it only during a lawsuit?
peggy spiro
what happens when you retire? Do you need full coverage?
Julianna Wassell
Do you recommend that agents under Firm coverage (i.e. KW agents), purchase individual as well or additional riders like the bodily injury?
Karen Worden
When the brokerage firm pays for our individual coverage, are we able to pay for increased coverage directly through the insurance carrier?
Sheri Valentiner
If you close your practice how long do you need to have tail coverage for? Is there a limit that a carrier will cover?
Rhonda Basey
Paul is saying that individual policies are inadequate but that firm policies are more robust. Can an Independent Agent purchase a firm policy - even if you are one person.
Dawn Gonzales
If brokerages are offering an excess policy, are you saying that agents should also have their individual policy through the same carrier to access the benefits of that coverage?
Kathryn Brantmeyer
DORA requires independent brokers to buy policy in name on their license not a DBA do you have any advice
Rob Lynde
As a brokerage that specializes in property management, if the brokerage policy is for a million with all the endorsement do licensees who work for the brokerage need the higher limits or is a basic policy enough? the brokerage gets sued, not the PM … generally..
Jennifer Andrews
Can you get the construction/development add on for an individual policy? Or is that just a firm add on?
Dawn Gonzales
CRES significantly increased their coverage costs due to claims in the prior years for agents producing GCI at $150k +. Cost increased from $200+ per year to over $800 per year
Sheri Valentiner
Can you get tail coverage if you do not have an active license.
Rhonda Basey
Paul said once you let your E&O lapse, you can never get it again? Did I understand this right?
Dawn Gonzales
may we have Paul's info