NEBRASKA EXCESS AND AUGMENTED REAL ESTATE PROFESSIONAL
LIABILITY POLICY

EXCESS AND AUGMENTED FIRM POLICY
The Excess and Augmented firm policy covers licensed and unlicensed assistants while they are performing professional services on behalf of real estate firms.  Maximum limits available for any one claim is $1,000,000.  Coverage under the policy is provided in two different ways.

COVERAGE A - Provides excess coverage over each licensee’s primary policy.  If a claim is covered under a licensee’s primary policy, Coverage A will provide additional limits to cover the claim if necessary.

Example: Primary limits are $100,000 per claim.  A covered claim is made and damages of $200,000 are awarded to the claimant.  The licensee’s primary policy will pay $100,000 with a $1,000 deductible being paid by the licensee.  The Excess policy will pay the remaining $100,000 of the damages with $0 deductible applying to that payment.

COVERAGE B - Provides primary coverage for wrongful acts in the rendering of real estate services that are not otherwise covered by the licensees’ primary policy and not otherwise excluded. 

Example: A claim is made against a licensee alleging the licensee failed to disclose to the claimant that the property purchased contains or had contained pollutants as defined in the policy.  Pollutants do not include mold or fungi.  Damages of $50,000 are awarded to the claimant.  Claims for the failure to detect or disclose pollutants are specifically excluded in the licensee’s primary policy so that policy would not cover any damages.  However, the Excess policy under Coverage B specifically includes coverage for these types of claims.  The Excess policy would pay for this claim and the claim would be subject to the deductible chosen.  See below for further extensions of coverage.

Coverage B – Extensions of Coverage (Automatically included at no additional cost)

1. Failure to Detect Pollutants with Sublimits up to:

$1,000,000 Residential Property for Damages and Defense Expenses

$100,000 Commercial Property for Damages and Defense Expenses

2. Fair Housing Discrimination Sublimit of:

$100,000 Damages and Defense Expense (excess over the primary coverage)

3. Defense of Regulatory Complaints:

$ 5,000. Per Complaint

$ 10,000. For all Complaints

4. Personal Injury:

Up to Policy limits excludes advertising injury.

Optional Coverage endorsement (an additional premium will apply)

• Sale of owned real property, including investment property, in which a licensee or spouse of a licensee has more than a twenty five percent (25%) financial or ownership interest.

Note: Maximum limits available for any one claim is $1,000,000. Payments made under all primary individual policies reduce the limits available under the Excess and Augmented Professional Liability Policy.

All Products are underwritten by Insurance subsidiaries or affiliates of Chartis, Inc.  The descriptions herein are summaries only.  They do not include all terms, conditions and exclusions of the policy or policies described.  Please refer to the actual policy or policies for complete details of coverage and exclusions. 

Coverage may not be available in all jurisdictions. Issuance of coverage is subject to underwriting.  Non-insurance products may be provided through independent third parties. 

The claim scenarios summarized above are fictitious and are offered only as examples.  Coverage depends on the actual facts of each case and the terms, conditions and exclusions in each individual policy.  Anyone interested in the above product should request a copy of the policy itself for a description of the scope and limitations of coverage.