Insurance is a little like plumbing or the internet: You’re not really sure how it works, but you’re happy to know it’s there when you need it.
For more than 20 years, the National Association of REALTORS® has provided its institutes, societies, councils, state and local REALTOR® associations, and REALTOR® association-owned MLSs with professional liability insurance coverage at no additional cost (subject to certain conditions). As the needs of these organizations have changed, so has the coverage. In 2010, NAR added crime coverage, and in 2017, it included a separate enhanced patent policy; in 2018, NAR began offering cyber response coverage for associations that fall victim to cybercrime.
New for 2020: Workplace Violence Insurance
In 2020, associations will have the option to apply for and purchase workplace violence coverage. Covering expenses incurred in the aftermath of a workplace violence incident, this new offering is not part of NAR’s insurance program for professional liability but, rather, an optional coverage that you can apply for from Aon Risk Solutions. (For an application contact Gayle Andrews at email@example.com).