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Crown’s Insurance Coverage
Like every other business, real estate brokers battle the tension between the high cost of insurances and the risk of being without it. The fact that we have not had an insurance claim for 30 years makes us wonder if we should have used all those insurance premiums more wisely, but 20/20 hindsight is just that - hindsight. Here’s what we have protecting Crown, its staff, and clients.
- General Liability Insurance
$2,000,000 with State Farm
If there is a lawsuit generating a liability claim, stimulated by the action (or inaction) of Crown or its staff, this insurance covers the cost of the defense of that suit, plus pays any judgment generated by that suit.
- Worker’s Comp Insurance
If one of our staff gets injured on the job, in a property, or going to a property, or on company business, this policy covers the costs related to that injury and covers Crown (and the owner) on liability issues for such a claim.
- Errors and Omissions Liability Insurance
$1,000,000 with CNA (Continental Casualty Company)
This coverage addresses all sorts of errors that can happen in the normal course of business including, miss-steps, mistakes, unintended miss-quotes, advertizing mistakes, document preparation errors and a wide range of honest mistakes humans are prone to make in the normal course of doing business.
- Discrimination Liability Insurance
$100,000 with CNA (Continental Casualty Company)
This coverage is applicable to court-ordered damages and claim expenses with respect to discrimination claims made against Crown, or a Crown employee (or agent), for an act (or omission) of humiliation, harassment or misconduct regarding race, creed, color, age, gender, national origin, religion, disability, marital status, or sexual preference, whether intentional or unintentional.
- Employee Dispute Insurance
With CNA (Continental Casualty Company)-falls under E & O coverage
If an employee sues Crown for discrimination, pay disputes, termination disputes, etc, this policy covers both the cost of the litigation as well as any damages awarded by a judge.
- Lockbox Liability Insurance
$50,000 with CNA (Continental Casualty Company)
This liability policy covers property damage arising out of the use (or misuse) of entry into a property through a lockbox. If unauthorized people enter a property and do something stupid, this policy covers the broker if claims for damages are made.
- Fidelity or Dishonesty Bond
$10,000 with The Hartford Life
This coverage handles claims from residents (or owners) of theft of personal property by an employee (or agent) of Crown. If we enter a house, and someone claims that personal property is missing, Crown is covered by this Bond.
- Pollutants, asbestos, radon or lead paint insurance
$100,000 with CNA (Continental Casualty Company)
This policy covers liability claims (and damages) over illnesses claimed by residents over issues of pollutants in a property we have leased to them on behalf of our owner/client.
- Wrongful Eviction Coverage
With CNA (Continental Casualty Company)-falls under E & O coverage
This policy covers personal injury and claims of damages arising from the wrongful entry into, wrongful eviction from, or invasion of the right of private of a room, dwelling or premises that a person occupies by or on behalf of its owner, landlord, or lesser.
Insurance doesn’t cover everything, but when you add it to 30 years of experience, plus a great customer service attitude, you end up with a safe company to do business with.
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