03-Jul-2008

What is not covered by your policy? For those real estate licensees who carry the Errors and Omissions Insurance Policy offered through Continental Casualty Company and administered by Rice Insurance Services Company, LLC (RISC), the policy will generally not cover damages resulting from professional services relating to property that (1) is developed or constructed by, (2) more than 10% owned by, or (3) purchased or attempted to be purchased by an Insured, the spouse of an Insured, or by any entity, corporation, partnership, or trust in which the Insured or his/her spouse owns or controls more than 10% financial interest.

Based upon this exclusion, a real estate licensee who sells a home constructed by her husband will not have Errors and Omissions coverage with regard to that particular property. The exclusion will apply regardless of whether the real estate licensee is acting as the seller's or the buyer's agent in this scenario.

This policy contains other exclusions in addition to the ones listed above.
It is, therefore, recommended that you review your policy to educate yourself as to what it does and does not cover. .