"I write the small ones AND the big ones" Jack Maney
Woodland Hills, Ca (PRWEB) September 28, 2011
Brilliant Insurance Services, a retail commercial insurance brokerage in Woodland Hills Ca, has some new and improved insurance programs designed for real estate professionals. The programs are managed by John “Jack” Maney, an experienced insurance professional, who says “…we have noticed an influx of new applicants applying for coverage…”. Real estate errors and omissions insurance is not a law, but according to Jack, “…it should be…when you visit the doctor, a lawyer, or insurance agent for that matter there is an implied understanding that there is some professional liability insurance in place. In light of the recent recession, real estate professionals should maintain E & O not only to protect themselves, but the public at large”.
Jack Maney has a long career in the financial industry. As a former Wall Street “bond trader”, Jack has been providing financial and insurance services for over 25 years. Furthermore, Jack currently holds a real estate license in both Florida and California, in addition to his insurance licenses. Although the real estate market has been in a declining trend, according to Jack the application count is up and “…we are seeing the big organizations as well as the one-person operations shopping their policies in an effort to save money…”
Brilliant Insurance Services has a website called http://www.Error-Omission.com where many other products are advertised, particularly real estate E&O insurance. “Because we have so many different carriers to quote, it is hard to come up with one “universal” application, so we encourage interested clients to call first to determine which program would be the "best fit", notes Jack.
The term “Errors and Omissions Insurance” or “E&O”, is somewhat self-explanatory, but many people don’t really know what it means or quite appreciate the function it serves. Put simply, E & O insurance provides the policy holder protection in the event something is done wrong-an error-or something is not done that should have been done-an omission. What is not quite understood is the fact that nearly all E & O insurance is written on what is called a “claims-made”policy form. What that means is that if there is a lapse in coverage or if the policy holder fails to renew the policy, the “retro-active” coverage is lost and gone forever, regardless if there was insurance in place at the time of the claim. In other words, a claim can only be covered if the policy is in effect and when renewed, the new carrier (or incumbent carrier) preserves the retro-active/prior acts date to honor claims.
“What is most interesting,” says Jack, “is the increased number of individuals breaking off from the big real estate firms and going for individual policies themselves”. Nevertheless, the variety of professional liability policies in the real estate arena include, but aren’t limited to, mortgage brokers, home inspectors, appraisers, and property managers. “Due to the number of bank-owned homes, a whole new market segment has opened up”, says Jack. “Homeless people, squatters, and mischievous teenagers sneak into these unoccupied homes and cause all kinds of trouble.” Errors and Omissions insurance is a necessary component of conducting business; would you feel comfortable knowing that your Doctor, Dentist, or Attorney did not carry Errors & Omissions (Malpractice) insurance? People in the Real Estate profession should offer the same comfort level to their clients, as well as protecting themselves from lawsuits; even frivolous lawsuits cost money to defend!