Errors & Omissions Insurance for Agents in Florida
Insurance coverage can be costly, especially E & O insurance for real estate brokers in Florida. Errors and mistakes are made every day in the real estate industry and we provide the coverage for a small flat fee per transaction. The good news is, you can write it off the cost as a business expense. Many broker-associates sign up for our professional network for the errors and omissions insurance to reduce their liability and business expenses. We provide E & O insurance coverage in Florida for a fraction of the cost of the premium and charge a small flat fee on a per transaction basis.
According to the California real estate licensing rules and regulations, the broker is directly responsible for his or her agent's real estate transactions. To cover the expenses and liabilities, Premier Agent Network, Inc. collects a small errors and omissions insurance fee for each closed transaction. This fee covers the cost for E & O insurance, litigations, judgments, claims, settlements, legal advice and attorney fees, and other risk management expenses. All Premier Agent Network's salespersons and broker-associates are covered under the E and O insurance policy for residential and commercial property.
For a standard residential (1-4 unit residential dwelling) transaction up to $1 Million, the E & O insurance risk management fee is $135 per closed transaction. For every transaction over $1 Million in increments of every $100,000 there is an additional $20 fee for all Plans. When representing the buyer and seller (a dual transaction), the risk management fee is $270 plus $40 for every $100,000 price increment over $1,000,000. Our agents and real estate broker-associates are not responsible for paying the errors and omissions insurance premium.
For income properties, commercial properties, industrial properties and properties that are unique have higher potential risk. This means the E & O insurance and risk management fee may be different to compensate for these types of transactions. For agents that sell his or her own property, including the agent’s spouse, agent’s company, agent’s trust, or if the agents name is on title, an additional E & O fee is required. The fee for selling an agent-owned property is $350 plus $35 for every $100,000 price increment over $1,000,000 for all plans. We provide you access to the policy and declarations via the real estate back office admin in the documents library. In the event you need something modified to meet banks criteria for E & O coverage, please contact the Broker to accommodate the changes being requested.