Though EO insurance is not required in Texas this policy provides crucial protection and some states require real estate agents to carry it.

Is e&o insurance required for realtors in texas. Money or a money equivalent such as lost opportunity to earn money. It reduces your risk of being held liable for any financial loss or potential lawsuits that can result from mistakes that occur on your behalf. Insurance Coverage Beyond EO for Real Estate Professionals February 28 2019 Texas REALTORS Staff CRES Insurance a Texas REALTORS errors and omissions risk management partner recommends that your brokerages policy cover the following.

Get Insurance Quotes From AUs Leading Brands in Mins. Additionally how much EO insurance is required by TREC. Usually this means an injury that can be translated into economic terms ie.

Some states require that real estate licensees have this type of coverage. Financial damages due to a notarization error or omission filed against your NNA bond. This policy also called professional liability insurance can help cover legal expenses if a real estate agent or broker is sued for unsatisfactory performance or a.

First and foremost the TREC requires a minimum of 100K EO insurance in order to procure or maintain an active license. The protection of the Errors and Omissions Insurance or EO policy can be triggered when by the unintentional wrongful act of the insured a client or a customer is financially damaged. This is only an estimate.

Get Insurance Quotes From AUs Leading Brands in Mins. Average costs for EO coverage are usually 500 to 1000 per employee per year. This EO Insurance coverage is Professional Liability errors and omissions for insurance agents in Texas and can be purchased as a stand alone policy or as part of package.

The Texas REALTORS strongly encourages members to maintain EO insurance. Errors and omissions insurance often covers both court costs and any settlements up to the amount specified by the insurance contract. You need a separate professional liability insurance policy also known as errors and omissions or E O coverage.