| Program Description
While the Home Warranty Protection Plan provides the seller with protection on the home’s covered systems and appliances, Sellers Liability Protection provides the seller with some legal protection should an unforeseen problem arise which results in the buyer filing a lawsuit. Should the buyer lodge a lawsuit against the seller, it provides legal defense and will pay damages resulting from the lawsuit, subject to policy limits and a deductible. In that regard, it provides a seller with protection much like that afforded real estate professionals by their Errors & Omissions Insurance policy.
With the number of lawsuits involving real estate at unprecedented levels, Sellers Liability Protection joins Realtor E&O insurance, home warranty plans and home inspections as tools that help protect the parties involved in the transaction. A fast, efficient, safe closing is everyone’s goal.
By making this coverage available to protect the seller, we are giving our customers, brokers and agents, an additional reason to choose our Warranty rather than a competitor’s – and our existing customers an additional reason to continue to use our program. When an agent makes our home warranty plan and this coverage available to a seller, he or she proves to the seller that they care about them, can help protect them, and deliver a fast, efficient, safe closing.
Brokers and agents are continually searching for methods of dealing with the risk of being sued as they conduct business. They are always on the lookout for ways to manage risk, transfer risk or avoid it all together. This should be presented as a powerful new tool in the battle against increasing litigation.
Sellers Liability Protection is in the form of an endorsement to the Realtor’s E&O insurance plan and provides the seller with $27,500 of protection (limit of liability) after paying the first $2,500 (the seller’s deductible). The coverage is provided for one (1) year, 365 days after closing. The endorsement goes into effect only in instances in which the Realtor carries E&O through General Star Insurance and the home closes with an approved home warranty company.
Program Benefits:
The value of the Sellers Liability Protection program lies in its ability to
Deliver solid benefits to Realtors, consumers – and you.
Real Estate Professionals
- Provides a competitive edge by giving Realtors an opportunity to offer a benefit others can’t.
- Provides a more powerful listing presentation by offering another reason for a prospective seller to choose them over their competition.
- Enhances their reputation as professionals by adding to the services they can offer consumers.
- Provides another method of transferring risk and source of monies to help mitigate buyer problems.
Home Sellers
- Provides valuable protection – with high perceived value – in today’s litigious environment at NO ADDITIONAL COST.
- Helps ease the sellers anxiety with regard to providing written disclosure.
- Much like a home warranty plan and protects them long after the sale.
- In the event of litigation, it gives them an expert to turn to – an attorney experienced in real estate.
- Helps protect the seller’s proceeds from the sale.
|
