All Posts tagged Protection

Axis Errors and Omissions Insurance Offers Essential Protection for Mortgage Brokers

Axis Errors and Omissions Insurance Offers Essential Protection for Mortgage Brokers

You work hard to provide your clients with the best services available and your company has taken the necessary steps to prevent and detect errors and omissions during the brokering process. However, the duties of a mortgage broker are many and varied, and mistakes do occasionally occur. These can easily lead to costly lawsuits, which is why errors and omissions insurance should be a component of your company’s risk management strategy.

What Does It Cover?

Professional indemnity for mortgage broker typically covers a wide range of errors and omissions arising during the performance of your professional duties. Examples of common claims include:

  • Inaccurate counseling or advice
  • Failure to disclose or wrongful disclosure of terms
  • Unlawful foreclosure and eviction
  • Perceived discrimination in underwriting
  • Incorrect ARM adjustments

Are There Any Exclusions?

While E&O policies provide protection from many different claims, there are some exclusions. These primarily result from deliberately unethical or illegal actions. A policy will not provide coverage if a claimant proves that you or your company has, for example, engaged in intentionally dishonest or fraudulent acts or that there has been a conflict of interest from which your company has profited.

Despite these few exceptions, errors and omissions insurance provides vital protection from potentially expensive litigation. An expert in professional liability insurance can ensure that your brokering company is prepared for any eventuality.

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What Type of Insurance Should Marinas Carry?

What Type of Insurance Should Marinas Carry?

Operating a marina or yacht club carries with it a significant number of risks. As such, your insurance coverage needs to be able to accommodate your business in the areas of marina liability, property protection and employee protection.

Marina Liability Protection

Liability insurance is imperative when you operate a yacht club or marina. There are specific types of coverage that are geared towards your type of business, such as marina operator’s legal liability protection. General liability covers your business from third party claims of bodily injury, property damage and reputational harm.

Property Protection

Property insurance is imperative for a marina or yacht club. You need to make sure that you have coverage for the various types of property found at your place of business. This may include:

  • Real estate
  • Personal property
  • Docks, piers and wharves
  • Owned vessels
  • Operational equipment and tools

Employee Protection

Federal law requires those who operate businesses on or adjacent to water to carry a specific type of worker’s compensation insurance called United States Longshore & Harbor insurance. USL&H coverage is similar to state-level worker’s compensation, but the requirement to carry this type of insurance supersedes state laws.

Make sure your marina or yacht club is fully protected. An insurance company that specializes in marine policies can ensure you have the marina liability, property and employee protection you need.

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