Scenario: (a) You have a listing, (b) A buyer or the buyer’s Realtor gets injured on the premises, (c) The seller, your client, is uninsured or under-insured, (d) NOW WHAT?
Can this happen? Yes!
There is no shortage of hazards; Snow or ice on steps or walkways, cracks in sidewalks, groundhog holes in the backyard, and many more. My city of Louisville KY has plenty of all of the above.
Of course, the first thoughts are sadness and dismay that someone got injured and is in pain.
Then some other alarming questions come to mind.
- Will your client’s homeowner insurance cover the defense and the damages? Maybe
- Does your client have a homeowner’s policy that is paid up and current?
- Does your client’s homeowner’s insurance have enough coverage to pay for medical and other damages?
- If the house is vacant, was your client’s insurance invalidated because they didn’t change the occupancy status with their carrier?
And then, more questions that may be too late to ask - ABOUT YOURSELF:
- Can the listing agent be held liable? Yes, No, Maybe, To Be Determined, All of The Above, Who Knows? The personal injury lawyer will remember that you authorized the showing of the "hazardous" house.
- Does your E&O insurance cover you?
- Does your broker have any insurance to cover you?
- Do you have ANY TYPE of liability insurance that covers you? To what extent?
When is the best time to get answers to these questions? NOW!
Find out and be prepared today. Don't wait until you get the dreaded phone call and it's too late.
Call your broker, today.
If you are the broker, ask other veteran and friendly brokers what they do.
Call your insurance agent, today.
Call a trusted attorney, today.
Please share your knowledge and experience with your Activerain friends by commenting here. If there is an insurance group here on AR, please let us know so we can read related posts.
Real estate is a great profession, we get to help wonderful people with major life decisions. But there are also some administrative and business issues that we must put in place and insurance is one of them.
Have a great day and let’s stay safe!
This post was inspired by Patricia Kennedy's post Have You Hugged Your Snow Shovel Today?
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