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Errors & Omissions Insurance: The Experience Of States With Mandatory Programs For Real Estate Licensees, James E. Larsen, Joseph Coleman
Errors & Omissions Insurance: The Experience Of States With Mandatory Programs For Real Estate Licensees, James E. Larsen, Joseph Coleman
Finance and Financial Services Faculty Publication
Errors and omissions insurance (E&O) is a mechanism to transfer financial risk, resulting from honest mistakes or negligence committed by a service provider, from both the service provider and the consumer to an insurance company. Real estate licensees in 38 states are free to obtain this coverage if they so desire, but 12 states currently require their active licensees to have E&O. The purpose of this study is to present information that policy-makers should consider in deciding whether to implement a mandatory E&O program in Ohio. Survey data collected from the Real Estate Commission (REC) in the mandated states, 201 …
The Impact Of Hardening In The Homeowner's Insurance Market On Ohio Residential Real Estate Brokerage Markets, Joseph Coleman, James E. Larsen
The Impact Of Hardening In The Homeowner's Insurance Market On Ohio Residential Real Estate Brokerage Markets, Joseph Coleman, James E. Larsen
Finance and Financial Services Faculty Publication
A recently released study sponsored by the National Association of REALTORS® (NAR) documents hardening in the homeowner’s insurance market nationwide; i.e., property insurance premiums have increased sharply and coverage availability has often been limited. The NAR study did not, however, investigate the impact of this hardening on residential real estate transactions, nor did it include an examination of the transactional impact resulting from the increasing propensity of insurance companies to require property modifications as a condition of issuing a policy. In the present study, survey data collected from 406 members of the Ohio Association of REALTORS® (OAR) is used to …