2005 COLORADO REAL ESTATE BROKER & ENTITY  ERRORS & OMISSIONS INSURANCE COVERAGE

Policy Features:

• Available to all Colorado real estate licensees.
• Choice of limits $100,000/$300,000, $250,000/$750,000 or $500,000/$1,000,000.  Defense 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 defense 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. (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 Extended Reporting Endorsement is available to licensees who do not renew their coverage under this policy. This endorsement extends the time to report certain claims that are brought against the insured after coverage under this policy ends and which occurred during the policy period or after the retroactive date listed on the insureds certificate of coverage and/or policy.
• 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 conforms to conditions of other mandatory states E&O requirements. We will certify your coverage to other states at no additional charge.
• Certification:  We will certify your coverage directly to the Colorado Real Estate Commission.  There are no certification forms you need to complete.
• No additional coverage charges:  All coverages listed above are included in our policy.
• Online enrollment with Visa, Mastercard or Discover.  There is a $5.00 convenience fee to enroll online.
• Active Real Estate licensees, who are also registered, licensed or certified Appraisers, may purchase an endorsement to cover their Appraisal activities. (If you do not hold an active real estate license, there is no coverage for appraisal activities).
• Claims are handled by insurance company professionals.  This helps eliminate conflicts as to whom the administrator works for, you or the insurance company.  We work on your behalf if there are any issues or concerns with the insurance company.

Summary of Exclusions:

• Bodily injury, property damage, personal injury, advertising injury
• Dishonest, fraudulent, criminal acts - etc.
• Conversion, misappropriation, failure to pay fees, etc.
• Violations of securities laws
• Failure to maintain insurance or bonds
• Discrimination, employment related practices
• Pollution
• Asbestos, radon and lead
• Other business
• Contractual agreements
• Claims made by an insured
• Financial interest (management or sale of property that is owned, built or developed by an insured who has over a 25% ownership interest in said property)
• Mold/Fungi

Licensees who elect not to maintain continuous coverage (due to retirement, or otherwise putting your license on "ice") may not have coverage for claims reported in the future for past real estate transactions, other than what is provided for in the limited reporting period included in your policy. An extended three-year Reporting Period Endorsement is available from Williams Underwriting Group at a cost of 200% of the expiring annual premium. This endorsement will protect you from covered claims reported in the future for past real estate transactions that occurred after your retroactive date (shown on your Certificate of Insurance) to your policy expiration date of 01-01-05.  This endorsement does not extend the policy period. If you would like to purchase this endorsement, please contact Williams Underwriting Group @ 800-222-4035 within 90 days of your policy expiration date of 01-01-05. Payment will need to be received within the same 90-day period.  If you are not currently insured with us, you will need to contact your current carrier to discuss with them their terms and conditions for purchasing an extended reporting period endorsement.