(BRK.A), (BRK.B)
Berkshire Hathaway’s GenStar’s Delegated Programs Unit announces the launch of its Real Estate Professionals E&O program with RPS Signature Programs, the program administration division of specialty insurance distributor Risk Placement Services.
GenStar President and CEO Marty Hacala commented, “GenStar has been in the business of insuring real estate companies for the past 20 years. Our longevity in this class of business demonstrates our commitment to supporting the insurance needs of real estate professionals by offering broad coverage including for services as a real estate agent/broker, property manager, auctioneer, short-term escrow agent, and real estate consultant.”
Adrienne Woodhull, RPS Area President, said, “We are pleased to expand our relationship with GenStar through this new E&O program, building upon the success of our E&O appraisers’ program, which we launched earlier this year.”
The Real Estate Professionals E&O coverage includes:
• Limits of up to $2 million
• Contingent Bodily Injury and Property Damage coverage
• Open House and Failure to Disclose Pollution/Environmental Hazards subject to policy limits, Fair Housing coverage
• Free Extended Reporting Period may be available
• Defense costs outside the limits of liability available
• Prior Acts coverage with proof of continuous coverage
• Free risk management assistance hotline for all insureds
• Broad definition of professional real estate business including: Real estate agent/broker, property manager, auctioneer, short-term escrow agent, and real estate consultant
The program is available in the District of Columbia and all states except AK, LA, NY and WV. The District of Columbia and all eligible states will be written on an admitted basis except for the State of California where it will be offered on a non-admitted basis.
Matt Brown, GenStar Senior VP, Delegated Division Manager, noted, “We are excited to build the Real Estate Professional business with RPS. Both organizations have expertise in this line of business. We believe GenStar can deliver a competitive solution that will provide broad insurance protection for real estate professionals.”
© 2022 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.