Date: Friday, May 20, 2011
Start Time: 9:00 am
Location: Ocala/Marion Association of Realtors
Description:
If you are involved in SHORT SALES or FORECLOSURES, you should attend this important informational presentation. In Effect now….There are Federal Trade Commission regulations which require additional disclosures to sellers by REALTORS in ALL short sale transactions where they may be providing short sale negotiation services.
Presented By:
Attorney, Hank Sorensen
Tampa, Florida
A Real Estate Service-Oriented Firm, The firm was founded with the understanding that real estate brokers and associates often need legal assistance in their daily activities. With the numerous state and federal laws that govern the brokerage industry, we understand the need for quick and correct legal advice to preserve the quality of real estate transactions. The goal of the firm is to provide the highest caliber legal counsel in a prompt and efficient manner in order to streamline brokerage operations.
Avoiding Litigation from Foreclosure / As Is Sales
Presented by: Joseph Flynn, The Herbert H. Landy Insurance Agency
Joe will be speaking on the following topics: Important Information for professionals involved in Real Estate Transactions. The Threat of Claims from Foreclosures and Avoiding As Is Sales. Joe is a frequent contributor to professional insurance publications and industry guest speaker. He has been active within the Insurance industry specializing in Professional Liability insurance for more than 25 years.
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Written by Betsy Magnuson, President, The Herbert H. Landy Insurance Agency, Inc.
Giving up prior acts coverage is risky business.
Don’t be fooled by marketing gibberish implying that you don’t need to maintain your prior acts coverage in your Real Estate Errors & Omissions Insurance policy. YOU NEED IT.
I realize that these are tough economic times, and with the downturn of the market, many real estate appraisers are struggling to survive. However, one of the most important business decisions you can make is to continue your Errors & Omissions Insurance coverage. No one ever thinks they are going to have a claim. However, as long as homeowners continue to struggle to meet mortgage payments and fall short of refinance requirements due to lowered property values, real estate appraisals will be scrutinized and questioned.
Many real estate appraisers assume that if they paid for an insurance policy, they have coverage under that policy forever. This is not true and this is not how claims-made policies work.
If your policy is written on a claims-made basis (most professional liability policies are), your prior acts date is typically the date of the first policy you purchased. Some carriers will offer what is called “full prior acts.” This means that there is no specific date in the past by which your prior acts are limited. Your prior acts date is carried forward each year if you renew your policy without a lapse in coverage. You are then covered back to your prior acts date in the event of a claim, subject to your policy terms, conditions and exclusions.
Let’s demonstrate how a claims-made policy works.
John Smith purchased a real estate appraiser policy February 1, 2000. He renewed his policy each year by February 1 to avoid having a lapse in his coverage. His current policy will have a prior acts date of February 1, 2000. Mr. Smith’s policy would respond to a claim that is reported during his current policy period for work he performed between that date and February 1, 2011, subject to the terms, conditions and exclusions of the policy form.
If Mr. Smith were to switch insurance companies before his current policy expired February 1, 2011, his new carrier should pick up his prior acts coverage back to February 1, 2000, and the new insurance company would respond to new claims reported during the policy period for work done between February 1, 2000 and February 1, 2012.
If Mr. Smith let his policy lapse and did not renew it by February 1, 2011, or went with an insurance company that did not offer prior acts – should he have a claim for work he did between February 1, 2000, and February 1, 2011 – he would have no coverage unless he purchased an Extended Reporting Period Endorsement.
Most claims or complaints are reported several years after the actual appraisal was performed. There are statutes of limitations that typically vary by state and by allegation, which may protect a real estate appraiser from being held responsible for damages. However, there is still the cost of defense, which can far exceed the cost of your insurance contract.
You can purchase an Extended Reporting Period Endorsement from your current carrier during a specified time period if you do not renew your policy, retire, or switch to another carrier who does not provide you with prior acts coverage. It is an extension of time to respond to a claim for work done between your prior acts date and your policy expiration date. Costs vary depending on the insurance company. Some may offer free options for retirees and Death and Disability, as well as options you can purchase for a one-, two- or three-year period of time. An Extended Reporting Period does not cover any services performed in the future. It only provides an extension of time in which to report a claim for work done in the past. It is a one-time option and cannot be renewed once the extended reporting period expires.
The long and the short of it: giving up prior acts coverage may be one of the worst business decisions a professional could make. All those years of maintaining adequate protection by renewing each year and keeping your prior acts coverage would be gone – just when you most need coverage. Maintain your prior acts coverage until you are no longer performing any professional services, then review your policy options and/or discuss with an insurance professional your extended reporting period options.
The terms, definitions and examples of insurance coverage are used here for demonstration only. Insurance policies and coverage can vary widely amongst insurance companies and you should consult an insurance professional and your policy for more information.
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Joe Flynn will be representing Landy at the New Member Orientation of the Greater Tampa Association of Realtors, at their office in Tampa.
What: What is E & O Insurance and who needs it?
When: January 14, 2011; 8 a.m. to Noon
Where: GTAR, 2918 W. Kennedy Blvd., Tampa, FL 33609
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Landy will be participating and sponsoring the following CE Credit topics on November 13th from 9: AM to 3:00PM with the Realtors Association of Lake and Sumter County Florida:
- The Art of controlling the Sale: 9am – 12pm
- Tax Update: 1pm – 2pm
- The Impact of Passage Amendment4, and One of the Reasons why it Happened: 2pm-3pm
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Congratulations to Herb Landy celebrating his 87th birthday today! A great and succesful man.
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The Herbert H. Landy Insurance Agency, a leading national provider of Errors &
Omissions insurance to Real Estate Agents, Appraisers, Accountants, Attorneys
and other professionals, announces an exciting new feature to its acclaimed
website www.landy.com. The new POLICY MANAGER system allows both Landy
Agency clients, as well as insurance producers for the Agency, to obtain renewal
applications, in force declaration pages and policies and more, directly from its
website. Currently available for Real Estate Agents & Brokers and Real Estate
Appraiser policy holders, POLICY MANAGER’s availability will soon be broadened
for access to Accountants’ policy information as well.
The Herbert H. Landy Insurance Agency, in operation since 1949, is known for
exceptional service and the POLICY MANAGER system enhances Landy’s “ease of
doing business” reputation.
“With the POLICY MANAGER feature of our website, we are giving our clients
and producers a quick and easy way to obtain important documents when they
need them”, states Betsy A. Magnuson, President of the Landy Agency. “We have
always focused on ways to provide quality insurance services in the most effective
way. Today’s professionals require quick and efficient methods to run their
businesses, and we believe the POLICY MANAGER system offers this additional
level of service.”
For more information about the POLICY MANAGER or the Herbert H. Landy
Insurance Agency, call 800-336-5422 or visit www.landy.com.
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The Herbert H. Landy Insurance Agency will be the Guest Speaker at the Monthly Meeting of the Central Pasco Board of Realtors, October 7th, at the Pebble Creek Golf Club. Tampa, Florida.
Joseph Flynn will be speaking on the following topics: Important Information for professionals involved in Real Estate Transactions. Avoiding Litigation, Florida Transactional Brokerage, The Threat of Claims from Foreclosures, Communicating with your Buyer or Seller, Disclosure Issues, Why Independent agents should have their own Errors & Omissions Insurance plus Understanding Your Errors & Omissions Insurance Policy.
Joe is a frequent contributor to professional insurance publications and Industry guest speaker. He has been active within the Professional Liability Insurance industry for more than 25 years providing extensive experience managing national, regional and state professional liability insurance programs. Founded in 1949, The Herbert H. Landy insurance agency has been providing Errors & Omissions and Professional Liability Insurance for more than 60 Years throughout the United States. Tel; 800-336-5422-ext 142,
jflynn@landy.com
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Pinellas SRES Designation Course
Date: Wednesday, October 6 and 7, from 8:30 AM – 5 PM
Start Time: 8:30 am; End Time: 5:00 pm (Time Zone: US/Eastern)
Location:
Pinellas REALTOR Organization
4590 Ulmerton Road
Clearwater FL 33762
Category: Education 11 hr. CE Credit course
Description: The Pinellas Realtor® Organization is offering the SRES® Designation Course. This course will help
you to:
• Understand and have empathy for 55+ real estate clients and customers
• Be committed to developing the business-building skills and resources needed for specialization in the 55+ real estate market.
Topics that will be discussed include:
1. The 55+ Market
2. 55+ Communities and Properties
3. Gaining the Market
4. Counseling Buyers and Sellers
5. Providing Services for 55+ Clients and Customers
6. Financial and Tax Matters
7. Planning Ahead for Life Transitions
8. Building resource Bank
Cost: $179/member and $189/nonmember. Cost includes lunch and 11 hours of CE credit.
Members:
Click here to register
Non-Members:
Click here to register
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The Herbert H. Landy Insurance Agency is sponsoring the New Residential FAR/BAR Contract Workshop Thursday, September 23 from 2 p.m. to 4 p.m. in the Greater Tampa Association if Realtors Auditorium. This workshop is a MUST for ALL practicing Real Estate Professionals.
Those attending will learn learn and compare the recent changes on the FAR/BAR “As Is” contract for sale and purchase, step-by-step review, comparison of the old and new version, and more! This workshop will be instructed by David P. Rankin, Attorney-at-Law.
Admission is FREE for GTAR members; non-GTAR member cost is $10. GTAR members register online by clicking here; others e-mail Rebecca Lopez.
Brought to you by GTAR’s Professional Development Committee.
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The Herbert H. Landy Insurance Agency is one of the sponsors for the upcoming Realtors Commercial Alliance of Massachusetts “Contacts & Cocktails” event on 9/16. John Torvi will be attending and representing Landy. Stop by and say hello!
Central Quadrant Mixer
Date: 09/16/2010
Time: 04:00PM – 07:30PM
Location:
O’Connor’s Restaurant & Bar
1160 Boylston Street, Worcester, MA 01606
Ph: 508-853-0789 – www.oconnorsrestaurant.com
Description:
Don’t miss your chance to make new connections, network with top-notch local industry professionals, enjoy complimentary hors d’oeuvres, and find out what’s happening at RCA-MA!
FREE to Attend for current & future RCA-MA Members! Non-members who attend will also receive a complimentary pass to attend a 2010 RCA-MA meeting or education course at no charge!
Sponsored by: All States 1031 Exchange Facilitator, LLC & Herbert H. Landy Insurance Agency.
Cost: FREE
Contact Information:
Please RSVP if you’d like to attend! You can call RCA-MA at 978-458-2901 or email maria@massnear.com with your name, company, and phone number. Thank you!
http://www.masscie.com/jsp/resources/resources_event_details.jsp?event_id=334670.
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