New Errors and Omissions Insurance Benefit Provides Protection for REALTORS®
WASHINGTON (April 18, 2011) - Realtors® now have access to an errors and omissions insurance program from the National Association of Realtors®’ newest REALTOR Benefits® Partner, Victor O. Schinnerer & Company, Inc.
“Realtors® help consumers invest in their future through home ownership,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “E&O insurance helps Realtors® protect their own business investment while they’re helping buyers, sellers and investors achieve their real estate goals.”
Coverage is available to members in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands through Continental Casualty (CNA), a top-rated insurance carrier. Rates vary based on the type of coverage needed, area of specialty, and previous claims history. The program offers a wide range of deductibles and policy limits, as well as several premium credits, as allowed by state law. This includes a credit for being a member of NAR, holding select NAR designations, continuing education, use of standard contracts, use of home warranties, and risk management programs. Schinnerer’s program also supports a broad range of real estate specialties, including residential and commercial, property management, appraisal, and more.
“NAR is pleased to work together with Schinnerer to provide a first-class program for Realtors®,” said Bob Goldberg, NAR senior vice president of Marketing and Business Development, Commercial Services and Business Specialties. “With over 28 years of real estate errors and omissions insurance experience, Schinnerer has developed a program proven to adapt to our dynamic real estate industry. Schinnerer also understand the fluidity of the market and continually researches the industry to observe trends, adjusting its policies to match.”
Coverage recently was updated to include use of the Internet, such as websites, social networking, video hosting, and blogging. In addition, educational pieces and risk management services are available to policyholders. Schinnerer has developed a “toolbox”, which includes a risk management newsletter, blog updates, webinars, and a toll-free hotline to discuss potential claims with a real estate claims specialist.
“We are thrilled to offer our quality program to Realtors® across the country,” said Jim Snyder, Senior Vice President and manager of Schinnerer’s Real Estate E&O Program. “We are well-versed in the real estate industry and understand the potential liabilities Realtors® face. Our errors and omissions coverage can provide members with peace of mind and a sense of security.” To sign up for the program and learn more information, Realtors® can visit www.realtor.org/realtor_benefits.
NAR’s REALTOR Benefits® Program offers practical solutions for Realtors® on the products and services they use every day. The program includes offerings in a variety of categories from nearly 30 companies recognized as leaders in their respective industries.
Victor O. Schinnerer & Company, Inc. is one of the largest and most experienced underwriting managers of professional liability and specialty insurance programs in the world. Schinnerer now serves more than 46,000 insureds in various specialty industries through independent insurance agents and brokers.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section.