An overview of coverage provided under standard policy language vs. additional coverage provided when an owned property endorsement is purchased.
The Insured
Existing real estate E&O policy
Named insured, principles, partners, officers, directors, employee, independent contractor, personal assistant, spouse, domestic partner.
Owned property endorsement
Named insured, partners, officers, directors.
Coverage for the sale of real property that the insured did not construct or develop
Existing real estate E&O policy
Yes, if combined ownership interest of all insureds at the time of such sale was less than 25%.
Owned property endorsement
Residential property - yes, if combined ownership interest of all insureds at the time of such sale was less than 25%.
Commercial property - yes, if combined ownership interest of all insureds at the time of sale up to 100%.
Coverage for the leasing of real property
Existing real estate E&O policy
Yes, if combined ownership interest of all insureds was less than 50% at the time of the professional real estate service rendered (partial ownership coverage).
Owned property endorsement
Yes, ownership up to 100% at the time of the professional real estate services rendered (full ownership coverage).
Coverage for the sale, leasing, or property management of the insured's property by another insured who is not the owner of such residential property
Existing real estate E&O policy
Yes, applies to residential property only
Owned property endorsement
Yes, applies to real property (commercial or residential)
Coverage for the sale of residential property by an insured who the owner of such residential property
Existing real estate E&O policy
Yes, if conditions are met in connection with such sale
Owned property endorsement
Yes, (no conditions required)
Coverage for the sale of real property 100% owned by you if the property was acquired by you under a written guaranteed sale listing contract, and from acquisition to resale the title to the property was held by you for less than twelve months, and the property was continually offered for sale by you
Existing real estate E&O policy
Yes
Owned property endorsement
Yes