Victor broadens real estate E&O program coverage and reduces rates

By Chris Munro

May 5 - (The Insurer) - Victor has broadened its real estate E&O insurance program and cut the offering’s premium rates in several U.S. states with the updated coverage available immediately for all new business and applied from September 1 for renewing policyholders.

The program is currently offered in all U.S. states and territories, and the Marsh McLennan-owned MGU has secured regulatory approval to offer new policy enhancements, including broader definitions of the insured and also coverage for emerging risks related to cyber network damage and discrimination.

Those enhancements also comprise additional coverage for agent protection against bodily injury, and fees and expenses related to regulatory actions under the Telephone Consumer Protection Act (TCPA) and Dodd-Frank.

Insureds can benefit from rate reductions too, ranging from single digits to over 20% in certain instances, depending on the size and scope of risk, Victor said.

The enhancements and rate reductions apply to real estate professionals based in Alabama, Arkansas, Connecticut, Florida, Illinois, Indiana, Kansas, Maine, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, Ohio, Pennsylvania, Utah and Wisconsin.

New clients can secure the coverage via V2, Victor’s digital platform.

Victor expects it will get the regulatory green light to apply the enhancements and rate reductions in most remaining U.S. states and territories early next year.

The real estate program continues to be backed by the same A-rated carrier that has supported it for the past close-to 40 years, the chief underwriting officer of Victor US, Brian Pierce, said.

Steven Stecker, senior vice president and real estate program manager at Victor US, said real estate professionals are facing increased risk in their day-to-day responsibilities.

Those risks include rising litigation related to buying and selling property to allegations of regulatory non-compliance, network security breaches, and also physical threats.

“To respond to recent changes in the industry, we felt the time was right to modernize our solution, providing brokers and their clients fast, easy access to broader coverage options,” said Stecker.

“We’ve also been able to lower pricing to meet market demand and make it easier for professionals to protect themselves from added risks,” he noted.