St. Paul Travelers introduced a new policy for real estate agents and brokers that provides broader protection from possible claims or litigation against errors and omissions.
St. Paul Travelers' 1st Choice for Real Estate Agents and Brokers Professional Liability Protection covers real estate agents or brokers, property managers and notary publics. In addition, the policyholder's employees, independent contractors and employees of the independent contractors are covered by the policy. It covers legal defense expenses that extend beyond the policy limits, disciplinary proceeding expenses or a legal expense reimbursement and offers protection for fair housing discrimination claims.
Protection from failure by the agent or broker to disclose to the buyers or sellers the existence of pollution on the property is also offered. Typically, items that don't function on the property, such as appliances, or matters related to the characteristics of the property, including zoning changes, would be covered.
