The NATIONAL ASSOCIATION OF REALTORS® Professional Liability Insurance Policy provides errors and omissions and directors and officers coverage to the National Association, its Affiliates, Institutes, Societies and Councils, and to Associations and MLSs that are in compliance with the policies promulgated by the National Association's Board of Directors. Directors, Officers, and Staff of each insured also are generally covered.
The 2016 policy is valid from Jan. 1, 2016, to Jan. 1, 2017. Please read all of the below documents carefully to understand the policy.
The NATIONAL ASSOCIATION OF REALTORS® is pleased to inform you that it has once again renewed the Professional Liability Insurance Program for Associations of REALTORS®, MLSs, and NAR Institutes, Societies, & Councils. The Program will continue to be administered by ACE American Insurance Company, a subsidiary of ACE, Ltd. Subject to certain conditions, the Program is provided to the above at no additional cost to all eligible associations, affiliates, and MLSs. A video on realtor.org reviews the documents listed below: http://www.realtor.org/insurancevideo
Changes for 2016 include: association’s need to adopt all mandatory policies effective on January 1st within 60 days, or by March 1, 2016, in order to be eligible for coverage; language was added clarifying that associations dissolved through merger will continue to receive coverage for acts taking place prior to dissolution; and cyberterrorism coverage has been added to the Program.
Unlike prior years, please note that this deadline will not be extended. Associations and MLSs who choose to purchase excess insurance can now complete their applications electronically and pay via credit card. The electronic applications can be accessed at https://nar.aon.com. The electronic applications will be available beginning January 5, 2016.