Guy Chipman from the Texas Association of REALTORS® wrote a well-received article entitled “Errors, Omissions, and Lawsuits, Oh My!” on the key lessons he learned while looking for an E&O provider. We will be posting one tip per week from Chipman’s article, with Pearl’s comments in italics. See what Pearl E&O coverage offers.
4. Consider “tail” protection. If you are changing carriers and full prior-acts coverage is unavailable under the new policy, consider purchasing extended reporting period coverage, or tail protection, from your previous carrier.
In Pearl’s most recent review and innovation of our policy coverage, we added a free three-year extended reporting period for death, disability, or retirement when insured with us for 4 years. We have several ERP (tail) options available.
Have you ever struggled with an E&O agent unable to meet your needs? How do you pick the right E&O Provider? Let us know by posting a comment below!