Coverage Details (cont.)
What is first dollar defense? First dollar defense coverage means that we pay for your legal expenses without you having to meet your deductible.
What is an ERP? An ERP endorsement, also known as an extended reporting period or tail endorsement, extends the amount of time you have to report claims after your policy has expired or been cancelled.
Do you provide coverage for mold claims? Now available in select states, the policy includes the failure to advise of the existence of fungi or microbes while rendering Professional Real Estate Services related to a Residential Property.
Do you provide coverage for mortgage banking? No, however, we do provide coverage for mortgage brokering.
Do you offer coverage in any of your programs for home inspectors or home inspection companies? No, however, coverage is provided through our Miscellaneous Program.
What's the cost for lockbox coverage? There is no charge for lockbox coverage. It is a sublimit included in the policy. For availability, please refer to the policy form for your state.
Do you offer general liability coverage? Our Select and Industry Services programs only offer professional liability coverage.
How do I bind coverage?
Send the completed Broker Order form or Renewal Invoice along with the premium to our office. If you have received a quote letter, please refer to the letter for any tentative items necessary to bind coverage.
Do you issue binders or Certificates of Insurance?
No. Once we have received the order and necessary premium, we can authorize your insurance brokerage to issue a temporary binder or Certificate of Insurance.
Will I receive an invoice?
- If you have received a quote letter, the Broker Order form will serve as your invoice.
- If you have received a Rapid Renewal letter, the renewal invoice will serve as your invoice.
- If your client has elected the 40/30/30 payment plan, we will send you an invoice for the second and third installments.
Please note: all of our accounts are agency billed.
Do I need to report mid-term changes to your office?
Yes, as soon as possible. If the firm's name has changed, we will need the exact date of the name change as well as the new legal name. If the firm's address or staff has changed, we request notification. However, these changes may not affect your policy until renewal. If the firm's ownership has changed, we must be notified immediately, since coverage may be affected.
How do I determine my commission?
Please refer to the last page of your original quote letter.