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Posted on: February 5, 2015 by Huntersure
New York real estate professionals face specific risk and loss exposures when it comes to their professional services. Throughout the course of their services these professionals, like many others, offer their expertise, professional opinion and skills as business commodities, thus putting their personal reputation and livelihood on the line every day. In doing so, real estate professionals open themselves up to a number of liability exposures, such as failure to advise and other professional errors. There are countless opportunities for professional error and mistakes to arise in real estate, from misrepresentation of a property and failure to advice, failure to disclose pertinent data and more. Real estate professionals can be found legally accountable should any of these errors cause losses to buyers, sellers or other parties. Claims and legal battles over professional errors can be lengthy and resource consuming, they can even bankrupt small firms or independent professionals.
What’s more, commercial real estate professionals have vastly different needs and risk exposures than residential real estate professionals. While both types of real estate personnel face scrutiny over their professional conduct, advise and adeptness the severity of professional errors claims differs on the sheer basis of scope. The New York commercial real estate market is business-focused, which means that real estate professionals will face much higher demands and stakes than their residential counterparts. There is little room for error when it comes to closing sales, ensuring that sensitive data is handled appropriately and securely, giving advice and handling large accounts.
As such, New York real estate agents need to be able to focus on the demands of their business without worrying about a legal claim coming along and derailing their operation. Professional Liability insurance, also known as Errors and Omissions (E&O), is designed to protect professionals from errors, mistakes and missteps they may make throughout the course of preforming their business services. At Huntersure, we specialize in offering E&O coverage especially designed for New York real estate professionals to cover their unique exposures. We also provide coverage to protect a business from cyber threats, management liability, and more. To learn more about all of our NY real estate professional liability products, contact us today.
Posted in: blog Professional Liability Real Estate