Real Estate Agents Professional Liability Insurance Policy 2020-03-20آ  Real Estate Agents Professional

  • View
    0

  • Download
    0

Embed Size (px)

Text of Real Estate Agents Professional Liability Insurance Policy 2020-03-20آ  Real Estate Agents...

  • Real Estate Agents Professional Liability Insurance Policy

    LSM-REA-RPG Sch001 Ed. 11/17 1 2

    LIBERTY SPECIALTY MARKETS

    MASTER POLICY DECLARATION

    NOTICE:

    THIS MASTER POLICY IS A CLAIMS MADE AND REPORTED POLICY AND COVERS ONLY

    CLAIMS FIRST MADE AGAINST THE NAMED INSURED MEMBER DURING THE COVERAGE PERIOD OR EXTENDED REPORTING PERIOD, IF APPLICABLE, AND REPORTED TO THE INSURER IN WRITING AS REQUIRED AND AS SOON AS PRACTICABLE BUT NOT LATER

    THAN SIXTY (60) DAYS AFTER THE END OF THE COVERAGE PERIOD OR EXTENDED REPORTING PERIOD, IF APPLICABLE. PLEASE READ THE MASTER POLICY, THE NAMED INSURED MEMBER EVIDENCE OF INSURANCE AND ANY APPLICABLE ENDORSEMENTS

    CAREFULLY AND IN THEIR ENTIRETY AND DISCUSS THE COVERAGE WITH YOUR INSURANCE AGENT OR BROKER.

    UNLESS OTHERWISE ENDORSED, AMOUNTS INCURRED AS DEFENSE COSTS SHALL

    REDUCE THE LIMIT OF LIABILITY STATED AND SHALL ALSO BE APPLIED AGAINST THE APPLICABLE RETENTION AMOUNT.

    PLEASE READ THE MASTER POLICY CAREFULLY.

    MASTER POLICY NUMBER:

    B1262FI1193819

    PRODUCER: Risk Placement Services 550 W. Van Buren, Suite 1200 Chicago, IL 60607

    RENEWAL OF: B1262FI1193818

    Broker License No.0C66724 N

    ITEM I. NAMED INSURED/ORGANIZATION AND ADDRESS: Arthur J. Gallagher Real Estate Risk Purchasing Group, LLC

    18201 Von Karman Avenue, Suite 200 Irvine, CA 92612

    ITEM II. MASTER POLICY PERIOD: February 01, 2019 – February 01, 2020 (12:01 A.M. at the address specified in Item I)

  • Real Estate Agents Professional Liability Insurance Policy

    LSM-REA-RPG Sch001 Ed. 01/18 2 2

    ITEM III. LIMITS OF LIABILITY: a. See Individual Named Insured Member Evidence of Insurance Each Claim (incl. damages and claim expenses) b. See Individual Named Insured Member Evidence of Insurance Aggregate (incl. damages and claim expenses)

    ITEM IV. RETENTION: See Individual Named Insured Member Evidence of

    Insurance (incl. damages and claim expenses)

    ITEM V. RETROACTIVE DATE: See Individual Named Insured Member Evidence of Insurance

    ITEM VI. POLICY PREMIUM: See Individual Named Insured Member Evidence of Insurance

    ITEM VII. ENDORSEMENTS FORMING PART OF THIS MASTER POLICY AT ISSUANCE: See Individual Named Insured Member Evidence of Insurance

    ITEM VIII. NOTICE OF CLAIM:

    . The Named Insured Member must give the Insurer as soon as practicable written notice of any claim(s) or potential Claim(s) first made against Named Insured Member during the Coverage Period but such notice shall not be later than sixty (60) days after expiration of the Coverage Period, or extended reporting period, if applicable. In the event suit is brought against the Named Insured Member, the Named Insured Member must immediately forward to the Insurer every demand, notice, summons, complaint or other process received directly or by the Named Insured Member’s representatives.

    . 6. Written notice of any Claim against the Named Insured Member, as well as of each demand

    on or action against the Insurer, must be delivered to the Insurer’s addressed as follows: 7.

    Lancer Claims Services 681 S. Parker St. Suite 300 Orange CA 92868

    or via email: rpsclaims@lancerclaims.com

    You will be contacted within 7 working days of receipt of notice of a claim. If you have not heard from us in that time please call +1 312 922 7570

    All notices to the Insurer must be in writing. Notice given by or on behalf of the Named Insured Member, or written notice by or on behalf of any claimant, to the Insurer’s appointed agent, shall be considered notice to the Company.

  • Real Estate Agents Professional Liability Insurance Policy

    LSM-REA-RPG Sch001 Ed. 01/18 2 2

    This Declaration page, together with the Application, Supplements, attachments, exhibits, statements and representations, the attached Real Estate Agents Professional Liability Policy Form, and all endorsements thereto, and the Named Insured Member Evidence of Insurance issued to the Named Insured Member shall constitute the contract between the Insurer and the Named Insured Member. This Master Policy may be subject to surplus lines taxes, stamping fees, surcharges and certain surplus lines reporting requirements mandated by state regulations. The Surplus Lines Broker is responsible for the disclosure of all related taxes, surcharges and fees. The Surplus Lines Broker is also responsible for the applicable surplus lines reporting requirements including but not limited to the submission of diligent search forms. THE INSURER NAMED HEREIN IS NOT LICENSED BY THE STATE, NOT SUBJECT TO ITS SUPERVISION, AND IN THE EVENT OF THE INSOLVENCY OF THE INSURER, NOT PROTECTED BY THE STATE SECURITY FUNDS. THE MASTER POLICY MAY NOT BE SUBJECT TO ALL OF THE REGULATIONS OF THE INSURANCE DEPARTMENT PERTAINING TO POLICY FORMS.

  • Real Estate Agents Professional Liability Insurance Policy

    LSW-REA-RPG P002 Ed. 09/17

    LIBERTY SPECIALTY MARKETS THIS IS A CLAIMS-MADE AND REPORTED POLICY.

    PLEASE READ IT CAREFULLY.

    REAL ESTATE AGENTS PROFESSIONAL LIABILITY MASTER POLICY

    All words that are in bold face type have special meanings specified in Section IV., DEFINITIONS, of the

    Master Policy.

    Throughout this Master Policy the words “the Insurer” refer to Liberty Specialty Markets as your Insurer providing this

    insurance.

    In consideration of and subject to the payment of the premium, the agreement of the Named Insured Member to pay

    the Retention amount stated in the Named Insured Member Evidence of Insurance and described herein, and in

    reliance upon the particulars, statements, representations, attachments and exhibits contained in and submitted with the

    Application which are the basis for issuance of this Master Policy and, along with the Named Insured Member

    Evidence of Insurance issued to the Named Insured Member, deemed to be incorporated herein, and subject to all

    the terms, conditions, limitations and any endorsements to this Master Policy, the Insurer, the Named

    Insured/Organization and each Named Insured Member agree as follows:

    I. INSURING AGREEMENT

    The Insurer will pay on behalf of the Named Insured Member all sums in excess of the Retention amount stated

    in Item IV. of the Named Insured Member Evidence of Insurance, up to the Limits of Liability stated in Item

    III. of the Named Insured Member Evidence of Insurance, which the Named Insured Member shall become

    legally obligated to pay as Damages and Claims Expenses resulting from Claims first made against the Named

    Insured Member during the Coverage Period, or Extended Reporting Period, if applicable, as a result of a

    Wrongful Act in the rendering of or failure to render Professional Services by the Named Insured Member,

    provided that:

    (A) such Wrongful Act was committed on or after the Retroactive Date and before the end of the Coverage

    Period; and

    (B) prior to the effective date of the first Real Estate Agents Professional Liability Policy issued by the Insurer to

    the Named Insured Member and continuously renewed and maintained in effect to the inception of the

    Coverage Period of this Master Policy, that no Named Insured Member knew or could not have

    reasonably expected that such Wrongful Act might give rise to a Claim.

  • Real Estate Agents Professional Liability Insurance Policy

    LSW-REA-RPG P002 Ed. 09/17

    As a condition precedent to coverage, the Named Insured Member shall report all Claims in writing to the

    Insurer as soon as practicable, but in no event later than sixty (60) days after expiration or termination of the

    Coverage Period, or during the Extended Reporting Period, if applicable.

    TERRITORY AND DEFENSE

    (A) The coverage afforded by this Master Policy applies worldwide, provided that a Claim is made or suit is

    brought against a Named Insured Member in the United States of America, its territories and possessions,

    or Puerto Rico.

    (B) The Insurer has the sole right to appoint defense counsel and the right and duty to defend any Claim made

    against the Named Insured Member which is covered by this Master Policy.

    III. SUPPLEMENTAL EXTENSIONS

    Subject to all other terms and conditions, unless otherwise specifically amended under this Supplemental Extensions

    section, this Master Policy affords the following Supplemental Extensions to each Named Insured Member.

    For each claim under Supplemental Extensions (B), (D), (F) and (G) of this section only, the Retention amount

    stated in Item IV. of the Named Insured Member Evidence of Insurance shall be USD1,000. No Retention

    shall apply to Supplemental Extension (E). The policy Retention shall apply to each claim under Supplemental

    Extensions (A) and (C).

    Any payment made by the Insurer under this section shall be included within, and not in addition to, the Limits of

    Liability stated in Item III. of the Named Insured Member Evidence of Insurance.

    (A) CONTINGENT LIABILITY

    Notwithstanding Section V. Exclusions (G) and (H) the Insurer agrees to pay those sums that the Named

    Insured Member becomes legally obligated to pay as Damages and Claims Expenses incurred because of

    a Claim first made against th