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Sandy Padula & Norm Padula, JD, GRI,  Presence, Persistence & Perseverance (HomeSmart Realty West & Florida Realty Investments)

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Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Yes I was aware and had a friend retire at the end of last year and she kept her insurance for another two year term to make sure she has no issues that will arise. 

Jun 14, 2015 12:46 PM
Rainmaker
699,277
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

Insurance companies.......ugh!!!!

Jun 14, 2015 10:21 AM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I had not known that... rather important information, I would say.

Jun 14, 2015 10:11 PM
Rainmaker
2,362,948
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Did not know this either- and yes,that could be a problem when switching companies.

Jun 14, 2015 08:38 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I was not aware of it. Thanks for the information.

Jun 14, 2015 08:33 PM
Ambassador
3,164,294
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

yes I am and I carried coverage from two companies for 24 months because of that.  I wanted the new less expensive company, but it would not cover priors and the old company wouldn't either after I canceled. So until the statute of limitations had run out on all sales not covered by new company I continued to pay the old company.  

Jun 14, 2015 02:55 PM
Rainmaker
1,771,867
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

That is scary Sandy and Norm. I will never cancel my E&O or my BCBS.

Jun 14, 2015 02:13 PM
Rainmaker
979,496
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Sandy and Norm - I had no idea this was the case. Of course I am not a broker.

Jun 14, 2015 02:01 PM
Rainmaker
1,683,912
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

I guess that would be a good reason to not cancel E & O.

Jun 14, 2015 02:01 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Now that's something I did not know, Sandy Padula and Norm Padula, JD, GRI . 

 

Jun 14, 2015 11:45 AM
Rainmaker
3,340,443
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

HMMM....That IS interesting...anyone who changes brokers is likely to be changing carriers...

Jun 14, 2015 11:45 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Sandy Padula and Norm Padula, JD, GRI I did not know this. I reported I did some consulting work and they put me in a risk category. My premium was four times what I ws originally paying. 

Jun 14, 2015 11:34 AM
Rainmaker
7,836,134
Roy Kelley
Retired - Gaithersburg, MD

This is a good alert for those who are leaving the business or moving to a situation that no longer requires the E & O insurance.

Jun 14, 2015 10:50 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Interesting.

Feb 19, 2019 09:47 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Typical

May 02, 2018 06:13 AM
Rainmaker
4,572,117
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Sandy and Norm --  cancelling is not an option for me as I pay upfront.  If I should leave -- no refund.   There are also payment options available --- we are required to go with the program sponsored by the broker.  

Jun 15, 2015 01:32 AM
Rainmaker
613,494
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

However if you change carriers without a gap, the new carrier is responsible for any claims that may arise regardless of who the premium was paid to.

Eve

Jun 15, 2015 12:02 AM
Rainmaker
1,661,936
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Yes and even after retiring you should carry.

Jun 14, 2015 11:47 PM
Rainmaker
2,759,812
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Good morning Sandy and Norm. Interesting. I do have a prior clause in my contract which does cover homes. Must be different for agents.

Jun 14, 2015 07:07 PM
Rainmaker
2,443,250
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I guess that is a good reason to keep on paying for it.

Jun 14, 2015 02:36 PM
Rainer
26,764
Beatrice Briseno
RE/MAX Unlimited - San Antonio, TX
Beatrice M. Briseno, GRI, CDPE, San Antonio, TX

No choice but to continue carrying this insurance!!

Jun 14, 2015 11:54 AM