I know of brokers who want their agents to pay off Buyers or Sellers to AVOID having to use their E&O policy.  Avoid!

Val Evans No, I have never known anyone who filed an E&O claim. I agree with Richie Alan Naggar, it's not about what you may think it covers. Read the small print.

no

Yes, a typo when a purchase agreement was re-written by an agent to clear up all the initialled changes. Instead of 350,000 they wrote 50,000 sales price. The buyer insisted on only paying 50k. It went to court where the judge ruled it was an error, and damages awarded to the agent and brokerage from the accuser as it was an obvious typo and there was no meeting of the minds to sell for 50,000

Most E&O claims are for infractions involving less than a $15,000 claim and they are usually settled between the parties without the insurance companies involvement.

I do not personally know anyone know anyone.  

 Good Friday morning Val. just read Susan's account. OOPS!

Val - Thank goodness I have never had an E&O claim, nor anyone I know of. I hope it remains that way.

The listing agent claimed the 25 ac rural county parcel was dividable.  The county said otherwise after escrow.  They settled for $50K damage. The agent was terminated from that brokerage.  You try to settle it out of DRE & MLS board before you invoke E&O.  In many cases it is under $1000 ......

No fortunately I don't know anyone who had to file a claim with E & O.

No I do not know anyone.  That is a good thing...

No and I hope I dont have one.

I do know someone that has had a claim. I'm not sure of all the details and he doesn't like to talk about it. He's really a great guy and a very knowledgable agent. He just made a mistake. 

I don't know of anyone personally that had claim. It makes you wonder if it is really a necessity.

While I cannot answer your decent question, I will share that the small print in the policy calls the play. Read the small print. Its not what you think

Yes, they didn't do a proper AVID and it was a small claim, but a claim. (Agent Visual Disclosure)

Even when I owned my brokerage, none of my agents ever had a claim, nor have I over the decades of working in this industry.

I've never been sued in 37 years of listing real estate.... 

I was a sales manager for a local brokerage.  In 2015 we had to file 3 e&o claims.  2 brought on by buyers and 1 where we represente the seller.  To summarize all 3 they delt with the agents competency.  All were settled out of court.

I am not familar with any E&O claims.

No, never

Fortunately not.