GMM SPOTLIGHT Joe Flynn with Landy Insurance for Professionals was CPAR’s speaker for the June meeting. Joe discussed the importance of E & O Insurance (errors and ommissions) and how most brokerages are underinsured. Each claim to defend yourself could be in excess of $80,000. The public perceives the Realtors® as having deep pockets (although most of us are just like everyone else and making a living.) Even as an individual agent /independent contractor, you need to make sure your E & O coverage extends back to the beginning. Did you know that if you leave a brokerage, your E & O insurance cancels with that Broker and if you are sued from a former client, you may not be covered unless you have Tail Insurance. What is that? A provision found within a claims-made policy that permits an insured to report claims that are made against
JOE FLYNN - June Speaker the insured after a policy has expired or been canceled, if the wrongful act that gave rise to the claim took place during the expired/canceled policy. Joe stated that we should always document all issues as they happen, put the date and all information in writing. He also stated that we should never recommend someone to our customers/clients, always suggest if you must and give three names. Now ask yourself do you have enough insurance being an independent contractor?
Call Joe for more information
Office # 800-336-5422 Cell # 413-537-7823
Published on Jun 25, 2013