GE Insurance Solutions has announced the launch of an "errors and omissions" policy designed to help mortgage brokers and lawyers protect their professional reputations.
The new GE Insurance Solutions product was devised on the premise that mortgage brokers or originators depend on their reputations in the marketplace to attract and retain customers.
Errors & omissions coverage for mortgage originators has traditionally been underserved, said Robin Sterneck, business leader for GE Insurance Solutions Professional Liability business. As the number of mortgage origination professionals has increased recently, so has the number of legal actions. Mortgage originators will benefit from an insurance product that offers financial cover and helps protect their reputations.
Under the new professional liability policy, any individual or entity that provides a professional service to a third party may have errors and omissions exposure, including lawyers and insurance agents. GE is also offering an automated application and underwriting process for the policy.