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Error-Omission.com has new Insurance Programs for the Real ...

Woodland Hills, Ca (PRWEB) September 28, 2011

Brilliant Insurance Services, a retail commercial insurance brokerage in Woodland Hills Ca, has some new and improved insurance programs designed for real estate professionals. The programs are managed by John Jack Maney, an experienced insurance professional, who says we have noticed an influx of new applicants applying for coverage. Real estate errors and omissions insurance is not a law, but according to Jack, it should bewhen you visit the doctor, a lawyer, or insurance agent for that matter there is an implied understanding that there is some professional liability insurance in place. In light of the recent recession, real estate professionals should maintain E & O not only to protect themselves, but the public at large.

Jack Maney has a long career in the financial industry. As a former Wall Street bond trader, Jack has been providing financial and insurance services for over 25 years. Furthermore, Jack currently holds a real estate license in both Florida and California, in addition to his insurance licenses. Although the real estate market has been in a declining trend, according to Jack the application count is up and we are seeing the big organizations as well as the one-person operations shopping their policies in an effort to save money

Brilliant Insurance Services has a website called http://www.Error-Omission.com where many other products are advertised, particularly real estate E&O insurance. Because we have so many different carriers to quote, it is hard to come up with one universal application, so we encourage interested clients to call first to determine which program would be the “best fit”, notes Jack.

The term Errors and Omissions Insurance or E&O, is somewhat self-explanatory, but many people dont really know what it means or quite appreciate the function it serves. Put simply, E & O insurance provides the policy holder protection in the event something is done wrong-an error-or something is not done that should have been done-an omission. What is not quite understood is the fact that nearly all E & O insurance is written on what is called a claims-madepolicy form. What that means is that if there is a lapse in coverage or if the policy holder fails to renew the policy, the retro-active coverage is lost and gone forever, regardless if there was insurance in place at the time of the claim. In other words, a claim can only be covered if the policy is in effect and when renewed, the new carrier (or incumbent carrier) preserves the retro-active/prior acts date to honor claims.

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