Effective 1/1/08 individual mortgage brokers operating within the state of Colorado
are required to carry Errors & Omissions insurance, in addition to other licensing
and surety bond requirements. Philadelphia Insurance Companies’ form meets the
insurance requirements as set by the Colorado Division of Real Estate. For
insured requirements specific to you, contact your insurance agent or broker
or the Colorado Division of Real Estate
for guidance.
Coverage is available through any insurance agent or broker who is appointed with Philadelphia Insurance Companies. Check with your insurance agent or broker to determine if they are appointed to place business with Philadelphia Insurance Companies.
Eligibility Requirements
- Must have a valid, in force license on file with the Colorado Division of Real Estate
- Must have an eligible surety bond in place
Limits of Liability
- $100,000 per Claim / $300,000 Annual Aggregate Limit of Liability
Cost
- $500 for mortgage brokers in business 3 years or more
- $600 for mortgage brokers in business for less than 3 years
Applications
When completing the Application, exclude the following from the “Sub-Prime” category: FHA, VA as well as any Fannie Mae or Freddie Mac product.
Policy Forms
Documents Required for Proposal
- Completed Application
- Supplemental Claim Form (if applicable)
