| All
active North Dakota real estate brokers, associate
brokers and salespersons are required to carry errors
and omissions insurance as a condition of licensure. The
North Dakota Real Estate Commission has contracted with
Rice Insurance Services Company, LLC (RISC) to
administer the group Errors & Omissions (E&O) insurance
program for North Dakota licensees. Continental Casualty
Company, one of the CNA insurance companies, is the
insurance carrier for the E&O program. The CNA insurance
group is one of the largest writers of commercial
property casualty insurance in the United States and is
rated "A (Excellent)" by A.M. Best.
RISC provides all
servicing (administrative duties include claims
handling, policy issuance, marketing mailings, customer
service, etc.) of the North Dakota account. The
management team of RISC specializes in handling group
programs for states with mandatory real estate E&O
insurance requirements and has been servicing the North
Dakota group program since January 1, 2002. RISC is
located at 4211 Norbourne Boulevard, Louisville,
Kentucky 40207-4048.
This program is
designed exclusively to provide professional liability
insurance for North Dakota Real Estate Licensees. Even
the most careful professional cannot always prevent the
filing of a frivolous lawsuit nor can he/she preclude
making an honest mistake. Under this program, the
insurance carrier has the responsibility of defending,
as well as paying a settlement or judgment on covered
claims, up to the limits of liability. |
