Williams Underwriting Group (WUG) is pleased to announce that we will continue to provide real estate errors & omissions coverage in 2008 for Colorado licensees. For the past ten years WUG has understood the importance of providing quality claims-made E&O coverage to Colorado real estate licensees.  For this reason, we have teamed up with an A.M. Best A+ (Superior) rated insurance company to provide the same quality coverage you have been accustomed.  Coverage meets the requirements established by the Colorado Real Estate Commission.  In addition, coverages are included (at no additional charge) that are not contained in the State contracted program. 

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Policy Features:

• Available to Colorado real estate licensees.
• Choice of limits for both individual and firm licenses of $100,000/$300,000, $250,000/$750,000 or $500,000/$1,000,000.  Claim expenses are paid in addition to the limits of liability.  
• Deductible is $1,000 per wrongful act.  Each licensee pays this deductible.  There is no deductible for claim expenses.
• Lock Box property damage limit of liability is $100,000 each event/ $300,000 total limit.  These are the only limits of liability for Lock Box coverage.  There is no deductible for Lock Box coverage.
• $25,000 sublimit, damage and expense, for Fair Housing Discrimination subject to a $1,000 per claim deductible.
• Coverage for the sale or listing of your primary or principle residence provided the sale or listing is performed under the real estate license laws of Colorado. (This coverage does not include For Sale By Owner sales or listings)
• Allows up to 25% ownership/financial interest in the management or sale of property that is owned, built or developed by an insured.
• 90 day limited reporting period after policy expiration.
• An Additional Extended Reporting Endorsement is available to licensees who do not renew their coverage under this policy.  This endorsement extends the time in which to report certain claims that are brought against the insured after coverage under this policy ends, and covers wrongful acts which occurred after the retroactive date (as listed on the insured’s certificate of coverage or policy) and before the policy period ends.
• Coverage for certain “prior acts” if the insured has had similar claims-made coverage continually in force up until the time coverage begins under this policy.
• Coverage automatically conforms to conditions of other mandatory states E&O requirements.  WUG will certify the insured’s coverage to other States at no additional charge.
• Certification: WUG will certify your coverage directly to the Colorado Real Estate Commission.  There are no certification forms you need to complete.  Please contact us for certification to the Tennessee Real Estate Commission.
• No additional coverage charges: All coverages listed above are included in the policy.
• Online enrollment with Visa, MasterCard or Discover – www.wugieo.com.  We assess a $5.00 convenience fee to enroll online.  (This is in addition to and not included in the policy premium.)
• Active Real Estate Licensees, who are also Appraisers, may purchase an endorsement to cover their appraisal activities. (If you do not hold an active real estate license, then you cannot purchase this endorsement and no appraisal coverage will apply.  You must also maintain an active real estate license for the entire policy period for appraisal coverage to apply.)
• Personal Identity Coverage Endorsement is available, providing up to $25,000 reimbursement for expenses and lost wages from identity theft.
• Claims are handled by insurance company professionals. This helps eliminate conflicts as to whom the insurance administrator works for, you or the insurance company.

Non-Resident Licensees: Coverage only applies to wrongful acts - as defined in the policy - committed in Colorado unless you work for or represent a real estate firm licensed and located in Colorado.

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Summary of Exclusions:

• Bodily injury, property damage, personal injury, advertising injury
• Dishonest, fraudulent, criminal acts, unfair competition
• Conversion, misappropriation, failure to pay fees or commissions
• Violations of federal and state securities laws
• Failure to maintain insurance or bonds
• Discrimination, employment related practices
• Pollutants (including mold/fungi)
• Asbestos, radon and lead
• Formation, syndication, operation or administration of a corporation or partnership
• Contractual agreements
• Claims made by an insured
• Financial interest (management or sale of property that is owned, built or developed by an insured or spouse who has over a 25% ownership interest in said property)
• Notarizing signatures not signed before insured

Licensees who elect not to maintain continuous coverage (due to retirement, failing to renew on time or otherwise putting your license on “ice”, etc.), may not have coverage for claims reported in the future for past real estate services, other than what is provided for in the limited extended reporting period included in the policy. If, prior to the policy period, an insured is aware of any circumstance that may lead to a claim (it does not have to be in writing), it needs to be turned into your current insurance company.  The insurance company is not obligated to pay or defend any claim or potential claim of which an insured was aware before the beginning of the new policy period. An extended, three-year Additional Reporting Period Endorsement is available from the insurance company at a cost of 200% of the expiring annual premium.  This endorsement will protect an insured from covered claims reported in the future for past real estate services that occurred after the retroactive date (shown on the Certificate of Insurance) and before the policy expiration date of 01-01-08.  This endorsement does not extend the policy period, however.  If you would like to purchase this endorsement, you must contact Williams Underwriting Group @ 800-222-4035 within 90 days of your policy expiration date of 01-01-08.  Payment must be received within the same 90-day period. If you are not insured under our program in 2007, you will need to contact the insurance company that provided your coverage in 2007 to discuss with them their terms and conditions for purchasing an extended reporting period endorsement, if any.

Additional limits of coverage are available to Brokers and/or Entities, subject to underwriting considerations.  Limits available up to $5,000,000/$5,000,000 with a choice of deductible starting at $1,000.  Excess coverage is available to firm (entities) and sole proprietorships where the majority of licensees are covered under our program discussed above. 

To obtain additional information and/or application, please contact Williams Underwriting Group at 800-222-4035 

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The Williams Underwriting Group, Inc 

Mailing Address:  P.O. Box 769, Jeffersonville, IN  47131-0769 

Street (overnight) Address:  526 E Maple St., Jeffersonville, IN  47130

Toll Free:  800-222-4035

Phone:  812-284-2321

Fax:  812-284-3252

E-Mail: wug@wugieo.com