Schinnerer Enhances Real Estate E&O Policy 03.11.2003
CNA/Schinnerer has just introduced three major enhancements to its Industry Services policy as part of its Realty Choice program for real estate professionals. Industry Services, a claims-made professional liability policy, offers customizable coverage for large commercial and residential firms and now includes coverage for:
- Licensing proceedings: CNA/Schinnerer will reimburse costs up to $5,000 associated with appearing in front of a licensing board. Attorney's fees and investigative costs are included up to a policy limit of $10,000.
- Supboena assistance: If an agent is subpoenaed on matters relating to professional services, an attorney will be provided to prepare the agent for deposition at no extra charge.
- Owned property: As long as an agent has owned a property for more than 180 days, the sale of that property is no longer excluded from coverage. Some conditions, such as the issuance of a disclosure statement, do apply. See the policy form for complete deals. In addition to these enhancements, the Industry Services policy will continue to offer coverage for innocent insureds, inde-pendent contractors, property management of owned properties and personal injury. Coverage for environmental hazards, discrimination, lockbox and renovation services is also available.
CNA/Schinnerer's Industry Services policy is designed to meet the needs of larger, more complex residential and commercial firms. Its highly tailored policies cover real estate agents, property managers, leasing agents, mortgage brokers and bankers, appraisers, auctioneers, title agents and escrow agents. The Industry Services policy is written on a non-admitted basis. More information on the Industry Services policy and other Realty Choice programs is available at www.PlanetRealtyChoice.com. Victor O. Schinnerer & Company, Inc., is the largest and most experienced underwriting manager of professional liability and specialty insurance programs in the world. Schinnerer now serves more than 36,000 insureds across the country through independent agents and brokers.