E and O Insurance- This is for the Agents! Hello, do you absolutely need E and O insurance to close a file?

Asked by A M, Los Angeles, CA Tue Mar 12, 2013

e and o insurance, needed?

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SERGEY FEDNOV…, Agent, Beverly Hills, CA
Wed Mar 13, 2013
E and O is essential for every broker just like a car insurance for every car .
0 votes
John Arendsen, Agent, Leucadia, CA
Tue Mar 12, 2013
Hello!!!!................Should you wear a bathing suit in a public pool?
0 votes
James Sanchez, Agent, Burbank, CA
Tue Mar 12, 2013
No, you do not need it to close a file... BUT you do need it if someone sue's you. E&O insurance usually, 99% of the time will not cover escrows that have already closed. So if you don't have it now, and someone tries sueing you later, don't think you can run out and get it and be covered.
0 votes
Sona Gallatin, Agent, Santa Clarita, CA
Tue Mar 12, 2013
Why would you not have that coverage? Its like driving without auto insurance, we're on the road a lot we would never take that risk about our auto insurance so why would you not have it for your business?
0 votes
carlos parra…, Other Pro, Monrovia, CA
Tue Mar 12, 2013
If you are a broker or an Agent you want it because you need the protection from getting sued.
If you are a Buyer or Seller, you want it because if something goes wrong that costs you money, you want a chance to recover it.
0 votes
Lena Samigou…, Agent, Los Angeles, CA
Tue Mar 12, 2013
What would you do if someone sued you and you didn't have the E&O insurance? Why would you want to take that risk when there's already a system in place?
0 votes
Lance King, Agent, San Francisco, CA
Tue Mar 12, 2013
your broker should have E&O insurance that covers you. many companies charge transaction fees to their agents to cover it, but you should have it either way. You will seriously regret not having it if you ever need it.
0 votes
Ron Escobar -…, Agent, Beverly Hills, CA
Tue Mar 12, 2013
Insurance is always recommended... is the same as asking do you always need to go 65 MPH or less in the freeway? well, no but if you get caught going over the speed limit, you will pay a hefty price.

As a broker, I require it in all my transactions from my agents.

Ron
0 votes
Caroline Har…, Agent, Northridge, CA
Tue Mar 12, 2013
Your broker should have E&O insurance that will suffice in closing files.

__________________________
Sincerely,
Caroline Harabedian
Realtor
RE-Search Concept
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
http://www.HomesByCaroline.net
0 votes
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