Industry News

Real estate trade group examines insurance problems

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The California Association of Realtors today announced plans to launch a Strategic Defense Program that will include the creation of a panel of real estate defense attorneys charged with improving the litigation climate and addressing the affordability and availability of errors and omissions liability insurance in California. These types of policies help to protect real estate agents and consumers against lawsuits brought by consumers. "Insurance rates and access to insurance carriers for errors and omissions insurance are directly affected by the number of claims, size of awards, and settlements paid out in California," said Jim Hamilton, association president. "(The association's) Strategic Defense Program will begin the hard work of correcting the difficulties associated with obtaining errors and omissions insurance due to the state's litigation-prone environment, with the goal of making errors and omissions insurance less costly for our members. "The attorney panel also will...