Frequently Asked Questions

Why Do I Need a Cyber Policy?

Errors and Omissions (E&O) policies cover your actions representing clients during a transaction. However, there are many activities that are not covered by E&O.

Most E&O insurance does not cover wire transfer fraud and similar incidents since they are crimes, not your errors or omissions. Also, liability policies (BOPs, General Liability, etc.) are designed to cover theft of physical equipment or injuries, not Cyber incidents.

Online activities, like posting pictures, can invite Copyright infringement, invasion of privacy and other claims.

Losing a cell phone or laptop with client contact information can trigger state privacy laws requiring notification and credit monitoring.

All of these circumstances may require attorney fees and other costs to investigate and defend. Without Cyber insurance, you will be on your own.

What is a Risk Purchasing Group (RPG)?

The Federal Liability Risk Retention Act of 1986 allows a group of similar risk individuals to combine their buying power to negotiate better insurance coverage and rates. Our group, real estate licensees, is over 2 Million strong, which gives us huge negotiating power.

Is the Insurance Company Safe?

Crum & Forster was founded in 1822 and is “A” Rated by A.M. Best. They are part of Fairfax Financial which has over $12 Billion in annual revenue.

Does The Policy Cover Wire Fraud?

Yes! And a lot more. It is a comprehensive policy that covers notifying contacts and providing 12 months of credit monitoring if their data is compromised, Multimedia Liability (copyright infringement, libel, slander, etc.), cyber extortion, attorneys and experts to assist after a breach, and more. Click Here to see the policy.

How Quickly Do I Get a Quote and Buy?

The entire quote and purchase is done online, as quickly as 5 minutes. Click Here to get started.

Who Qualifies to be a Member?

Only those with active real estate sales licenses can join the Realty Cyber Purchasing Group (RCPG). There are also underwriting requirements to purchase the policy.

What is a Master Policy?

The RCPG uses a Master Policy instead of individual polices. This reduces the administration for the insurance company and does not affect your coverage. You will receive a certificate showing your name, coverage, policy period, etc.

What Does the RCPG do?

The RCPG negotiates pricing and coverage with insurance companies on behalf of its Members and provides Risk Management services to help Members reduce claims.

Why Do I have to Pay a Membership Fee?

The Membership Fees fund the day-to-day operation of the RCPG, including attorneys, state regulatory fees, office expense, etc. This fee is non-refundable.

What is a Surplus Lines Policy?

In some states, the RCPG uses Non-Admitted (Surplus Lines) policies. These do not require the same state insurance regulatory approvals as Admitted policies, so the coverage is available quickly. The policy is the same and the insurance company is just as safe. Most policies will convert to Admitted policies on renewal.

My Firm Has a Cyber Policy, Do I Need One Too?

Some policies restrict coverage to corporate owned computers, or money of the firm, not their clients. One sentence in a policy can leave you without coverage. Also, most Firm policies have $50,000 or less of wire fraud coverage, not enough to cover most transactions. Once that limit is used, there’s no more available until the policy renews. Also, many policies have loopholes that do not cover wire transfers of clients, etc. To learn more about loopholes click here.

Delivering the Best Cyber
Insurance to Our Clients