Williams Underwriting Group (WUG) is pleased to announce that we are making our real estate errors & omissions coverage available in 2007 for all Tennessee licensees.  Since 1991 WUG has understood the importance of providing quality claims-made E&O coverage to real estate licensees.  For this reason, we have teamed up with an A.M. Best rated A+ (Superior) insurance company to provide quality coverage and value.  Our coverage meets the requirements established by the Tennessee Real Estate Commission.  In addition we include coverages (at no additional charge) that are not contained in the State contracted program. 

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Policy Features:

• Available to Tennessee real estate licensees and firms.
• Choice of limits for both individual and firm licenses of $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 $10,000 each event/$10,000 total limit.  These are the only limits of liability for Lock Box coverage.  There is $250 deductible for Lock Box coverage.
• Fair Housing sub limit of $10,000 maximum for damage and expense subject to $1,000 deductible.
• Regulatory Complaints defense sub limit up to $5,000
• Primary Residence: 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 Tennessee. (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, and 10% ownership/financial interest in property 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 after the retroactive date as listed on your certificate of coverage or policy and before your 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.  We will certify your coverage directly to other states where allowed.  We will provide certification to you for all other states. There is no additional charge.
• Certification: We will certify your coverage to the Tennessee 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 – www.wugieo.com.  There is a $5.00 convenience fee to enroll online. 
• 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 can not 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)
• Claims are handled by insurance company professionals. This helps eliminate conflicts as to whom the insurance administrator works for, you or the insurance company.  We work on your behalf if there are any issues or concerns with the insurance company.

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

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Summary of Exclusions:

• Bodily injury, property damage, personal injury, advertising injury
• Dishonest, fraudulent, criminal acts – etc.
• Conversion, misappropriation, failure to pay fees, earnest deposits, etc.
• Violations of 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, partnership, etc.
• Contractual agreements
• Claims made by an insured
• Financial interest (management or sale of property that is owned by an insured or spouse of an insured who has over a 25% ownership interest in said property , or built or developed by an insured or spouse of an insured who has over a 10% ownership interest in said property)

Licensees who elect not to maintain continuous coverage (due to retirement, failing to renew on time, etc.) may not have coverage for claims reported in the future for past real estate services, other than what is provided for in any limited reporting period included in your current policy.  An extended Reporting Period Endorsement should be available from your current carrier.  This endorsement will protect you from covered claims reported in the future for past real estate services that occurred after your retroactive date to your policy expiration date.  You will need to contact your current carrier to discuss with them their terms and conditions for purchasing an extended reporting period endorsement and coverage provided.

Additional limits of coverage are available to Brokers and/or Firms subject to underwriting considerations.  Limits available up to $1,000,000/$3,000,000 with 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 the Williams Underwriting Group program.

The excess policy also includes: Failure to advise of Pollutants - $100,000 annual sub limit for residential property and $50,000 annual sub limit for commercial property for defense and expense and Increases Fair Housing Discrimination  annual sub limit for loss and defense to $50,000.  You can purchase by endorsement coverage for the sale of owned property.

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

**All coverage descriptions, exclusions, etc are summaries only.  It does not include all terms, conditions, and exclusions of the policy described.  Please refer to the actual policy for complete details of coverage terms, conditions, and exclusions.  Sample policies can be found on our web site, www.wugieo.com.

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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