Firm Excess Coverage

Firm excess policies provide additional limits of liability once coverage through the applicable underlying policy is exhausted. We offer excess policies with up to $1,000,000 limits to real estate firms whose licensees are all insured through our basic policies. Like our basic policies, the excess policies are written by Continental Casualty Company, a CNA insurance company, rated A (Excellent) by A.M. Best. Excess policy premiums are determined on an underwritten basis and are in addition to the premiums for individual coverage through the underlying policy. The firm’s principal broker or officer must complete an excess application form to obtain a quote for a firm excess policy.

In addition to the firm excess program, increased limits of liability may be available to individual (not firm) licensees by endorsement for additional premium in some states.

If you would like to request firm excess policy application, call us at 1-800-637-7319, extension 3. If you would like more information regarding individual increased limits endorsement, call us at 1-800-637-7319, extension 1.

Idaho and Rhode Island – In these states, we currently offer traditional excess policies, which provide additional limits of liability once available coverage through the applicable underlying policy is exhausted. Assume all of a real estate firm’s licensees purchase insurance through the group program with a $100,000 per claim limit per insured licensee and the firm purchases a $1,000,000 excess policy. If a covered claim against two of the firm’s licensees results in a covered judgment, then there would be up to $1,200,000 available to pay the judgment, provided the aggregate limits of liability had not previously been depleted.

Alaska, Colorado, Iowa, Kentucky, Louisiana, Mississippi, Montana, Nebraska, New Mexico, North Dakota, South Dakota, Tennessee, and Wyoming – In these states, we offer enhanced excess policies. These policies provide additional limits of liability once available coverage through the applicable underlying policy is exhausted. Assume all of a real estate firm’s licensees purchase insurance through the group program with a $100,000 per claim limit per insured licensee and the firm purchases a $1,000,000 excess policy. If a covered claim against two of the firm’s licensees results in a covered judgment, then there would be up to $1,200,000 available to pay the judgment, provided the aggregate limits of liability had not previously been depleted.

In addition to traditional excess coverage, these enhanced policies include these key features at no additional cost: (1) Environmental Hazards Claims Coverage sublimits of $100,0000 per claim and in the aggregate for covered claims alleging failure to advise of the existence of pollutants, asbestos, radon, or lead and (2) Discrimination Claims Coverage sublimits of $100,000 per claim and in the aggregate for covered claims alleging discrimination in the performance or failure to perform professional services. The following optional coverages are also available under the enhanced excess program for additional premium: (1) Residential Ownership Coverage up to a sublimit of $250,000 for claims related to the sale of residential properties owned or partially owned by a licensee of the firm and (2) Enhanced Lock Box Coverage up to a sublimit of $50,000 for lock box claims.

The program referenced herein is underwritten by Continental Casualty Company, a CNA insurance company. This information is for illustrative purposes only and is not a contract. It is intended to provide a general overview of the products and services offered. Only the applicable policy can provide the actual terms, coverages, amounts, conditions, and exclusions, which may be subject to change without notice. In the event of a claim, the nature and extent of coverage is determined based upon the claim’s facts, circumstances, and allegations and application of the relevant policy’s terms, conditions, and exclusions. The E&O program described herein is only available in certain states. CNA is a registered trademark of CNA Financial Corporation. Copyright ©  CNA. All rights reserved.