Errors & Omissions Insurance

CRIM Realty maintains Errors and Omissions (“E&O”) insurance for the Company and, subject to the terms, conditions, exclusions, and limitations of the applicable policy, its Owners, Brokers, and Agents.

CRIM Realty pays the majority of the E&O insurance expense. Agents are responsible for paying the applicable E&O Fee, which is generally billed annually in March.

The amount of the E&O Fee will be determined by CRIM Realty and communicated to Agents at the beginning of each year. The fee will be added to the Agent’s Company bill and collected in accordance with the Company Expense provisions of this Manual and the Independent Contractor Agreement.

E&O Claims & Deductibles

If an E&O claim involving an Agent results in a payment by the insurance carrier, the Agent may be responsible for the applicable deductible, subject to the terms of the insurance policy and any determination made by the Company regarding responsibility for the claim.

If an E&O claim is denied because of an Agent’s fraud, intentional misconduct, intentional misrepresentation, or other conduct excluded from coverage, the Agent may be personally responsible for any resulting liability, settlement, judgment, costs, or expenses to the extent permitted by applicable law.

Such conduct may also constitute grounds for disciplinary action, up to and including termination of the Agent’s affiliation with CRIM Realty.

Agents must promptly notify the Broker of any actual or potential claim, complaint, demand, legal action, or other matter that could reasonably result in an E&O claim.

A copy of the current E&O Insurance Certificate or applicable policy information is available through the Agent Resource Center.

Automobile Liability Insurance

Agents who transport clients or customers in connection with their real estate business must maintain automobile liability insurance meeting CRIM Realty’s minimum requirements.

The minimum required coverage is:

• $100,000 bodily injury per person;
• $300,000 bodily injury per accident; and
• $50,000 property damage per accident.

Agents are responsible for maintaining the required coverage and complying with all applicable insurance and legal requirements.

CRIM Realty may request proof of insurance at any time. Agents should promptly notify CRIM Realty if their required automobile insurance is canceled, expires, or falls below the Company’s minimum coverage requirements.