Montana Real Estate Commission Approved Online CE Provider
MONTANA Approved School: RealEstateCE.comLicense Renewal Requirements
3.0 hours Avoiding Common Mistakes Course Syllabus
3.0 Elective Hours
Errors & Omissions Insurance is often referred in the real estate industry as E & O Insurance and protects the licensee and the brokerage from just that – errors and omissions. Most states do not require real estate brokerages to carry this insurance, however, many brokerages choose to purchase this coverage. This is a sound brokerage policy and is especially important should a large claim arise.
Some states have a self-insured system for E & O Insurance that is derived from the original and renewal fee charges to licensees. It is important to understand that this insurance does not cover intentional misrepresentation or illegal acts whereby the licensee had knowledge of the wrong doing. Like most insurance policies, there are usually exceptions to the coverage. It goes without saying, that Errors & Omissions Insurance providers will charge a higher premium for an outside of the limit of liability policy.
Each licensee should know exactly what type of E & O coverage that their brokerage carries. If they self-insured they should know the details for this policy as well.
This course reviews Errors & Omissions Insurance which is a great way to protect yourself from professional liability. Emphasis includes coverage and excluded coverage. Tips, examples, and notes are included to give the student a clear understanding of the material.