Common Law Liability
An individual's responsibility is based on custom, not by statute, as imposed by common law liability.
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Insurance Industry News from ProgramBusiness.com
E.L.M. Mortgage Banker & Broker ProgramProgramBusiness Storefront Owner E.L.M. Insurance Brokers Inc., http://www.programbusiness.com/tracking/sftracker.asp?SFid=192 , a specialist in professional liability, has tailored a new, comprehensive program for mortgage bankers and mortgage brokers that includes errors & omissions and financial institution bond coverages. The program has capacity of $25 million for both the E&O and the bond, and multi-year programs are available for both coverages.The E&O liability form includes the following:
Coverage for commercial, multi-family and residential mortgage loan activity. Standard mortgage impairment coverage. Optional Employment Practices Liability (EPL) coverage and loss prevention program. $250,000 in punitive damages coverage (where insurable by law). Coverage for independent contractors. No repurchase exclusion. No exclusions for emotional distress or mental anguish. No exclusion for claims arising from fees or charges.
Highlights of the Financial Institution Bond are as follows:
The broadened fidelity agreement eliminates the need for a minimal financial benefit. Fraudulent document coverage for any loss suffered by the mortgage banker as a result of false information provided by a mortgage applicant. Computer fraud coverage. Claims expense coverage that pays the cost of a professional audit by a CPA if the audit determines that a loss actually occurred. Trading coverage.
For more information, visit the E.L.M. Storefront at http://www.programbusiness.com/tracking/sftracker.asp?SFid=192 or call E.L.M. Insurance Brokers Inc. at (310) 665-1106, via fax at (310) 665-1116.
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