An important question for Illinois REALTORS® is whether they are covered by Errors & Omissions (E & O) insurance. If so, they should not hesitate to ask insurance providers questions in advance of any claims, so they have a better understanding of their E & O policy. For example, are there circumstances under which the deductible might be waived?
The value of insurance providers as resources to REALTORS® was just one of the specific suggestions emphasized during the Illinois REALTORS® Legal Webinar Thursday morning, “Insurance Coverage and Products for Real Estate Brokers.” Legal Hotline Attorney Betsy Urbance and Transaction Helpline Attorney Jeff Baker informed members about the major sections of the CNA policy endorsed by Illinois REALTORS®, and suggested members shop for E & O insurance or perform a review of their particular policy.
They also spoke about commercial general liability insurance and cyber liability insurance policies.
In addition to the insurance discussion, the webinar offered members:
- recommendations from the Department of Housing and Urban Development (HUD) about ways to avoid problems using information from criminal background checks when determining eligibility for rental housing;
- a progress report on Federal Aviation Administration rules approval for commercial drone use; and
- an explanation about the continuing requirements to protect non-public, private information (NPI) of your clients.