E&O Insurance Help Requested

I am shopping for new E&O Insurance and in doing so I find that the BPO's I do for properties that I am not currently offering to list or place under contract with a buyer are not covered under my regular Real Estate E&O which I have at a 1,000,000 level. In explaining to the new agent what I am wanting, the three quotes she has brought back to me all specifically state that the E&O DOES NOT cover BPO's performed for compensation. Can someone enlighten me or do I now have to bite the bullet and get the expensive insurance that I am being quoted? If so is this going to be a new industry wide problem for all of us?

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  • you have shed light on a topic that few have addressed, good lookin out, it seems there is a new niche for the insurance co as well!



  • Do any of you have an update on good E@O providers. I'm about to step away from my brokerage and am researching costs, do and don'ts of E&O. Thx, Mike

  • I had the same problem with my general liability and E & O company unable to put the clauses needed by the asset management company. I found Darren Faye at Leonrd Insurance and he has a special program for the REO Industry.
    Clyde Rowland

    Darren J Faye, CIC
    Risk Manager - Leonard Insurance Services
    P (330) 826-1826 F (877) 895-9579
    • Thank you for this Clyde, I will definately check it out.
      • Beth,
        I'm curious what you found out and decided on in your E&O search?
  • Beth,

    Have you talked with Kent Christman @ REO Advisors 800-753-3557.
    • No, I will call him on Monday. Thank you for the input
      • I use Geo Brown and Sons of Chicago..it went up about 50$ this year I think, and I don't remember there being any hitches with reo..they went to a new servicer this year, Universal or something..
        • just did a quick run through on my application, and it does have bpos on it..the policy itself is very short, does not mention bpos specifically, but does have a term about property management...cost is under 1000 per year for 1million if that helps
          • thanks Victoria. I'll add them to my list to check prices with.
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