BROKER RISK MANAGEMENT
BROKER ALERT
Reminder Regarding Tendering Claims
Real estate professional errors and omissions insurance policies are claims made policies. This means that the claim must be submitted to the insurance company when the claim is received and pursuant to the policy in effect at the time the claim was received. Unfortunately, several of our clients did not realize that claims must be submitted when received and when the claim did not resolve and a new policy was issued, there was no coverage pursuant to the new policy.
As a service of Broker Risk Management, Broker Risk Management assists in the tender of claims upon the request of clients. For clients for which Jones Law Group handles claims, and for which BRM participates in the renewal of the insurance policies, either BRM or Jones Law Group will handle the tenders. For those clients that have separate litigation counsel, please be reminded to ensure that you consult with your litigation counsel or your insurance broker when a claim arises as to whether your insurance company should be notified.
Please let us know if you have any questions in this regard.
DO NOT FORWARD TO SELLERS OR BUYERS. This Broker Alert is for the exclusive use of clients of Broker Risk Management and their agents. It may not be reproduced or distributed without the express written consent of Broker Risk Management. The advice and recommendations contained herein are not necessarily indicative of standards of care in the industry, but rather are intended to suggest good risk management practices.