Claims arising from an error, omission or negligent act relating to the rendering of or failure to render professional services as a real estate licensee or broker. All individuals licensed under the Idaho Real Estate License Law, who pay the required premium. The real estate firm or other employer of an insured licensee for its vicarious liability. Frontier must investigate and defend any covered claim seeking damages, even if groundless, false or fraudulent, at its own expense. Legal Expenses are not included within the limit of liability and are paid in addition to the limits.
Higher limits are available on an underwritten basis for real estate firms domiciled in Idaho.
The principal broker or officer of the firm must complete an application form in order to be reviewed for this excess coverage. There is no deductible for defense costs. Even if more that one member of your firm is named in a covered claim, only one deductible will apply. When Frontier makes a payment, the policy requires the real estate licensee to reimburse Frontier immediately upon being billed, to the extent that the deductible applies. If the licensee is a resident of Idaho, this policy applies to an error, omission or negligent act committed anywhere in the world.