Real Estate Agents

What Does GL Code 47050 Cover?

ISO GL class code 47050 covers real estate agents, brokers, and property managers who facilitate the buying, selling, leasing, or management of residential and commercial properties. This class encompasses the general liability exposures associated with their office operations and professional services, excluding professional liability which is covered by Errors & Omissions policies. It primarily addresses bodily injury or property damage claims arising from their business activities.

Who Uses This Class Code?

Real estate sales agents, real estate brokers, property management companies, leasing agents, and real estate appraisal firms are typically classified under this code. This includes independent contractors working under a broker, as well as larger real estate agencies.

Common GL Claims for This Class

Common claims include slip-and-fall incidents at open houses or office premises, property damage during property showings (e.g., agent accidentally breaking an item), and allegations of false advertising or misrepresentation leading to bodily injury or property damage.

Coverage Tips for Code 47050

• Ensure your General Liability policy includes coverage for 'Open House' events, as these can present unique slip-and-fall hazards for visitors.
• Verify that your policy explicitly covers tenant discrimination claims, which are a growing exposure for property managers and leasing agents.
• Regularly review your lease agreements and property management contracts to ensure they include appropriate indemnification clauses and require tenants to carry their own liability insurance.
• Consider a Business Owner's Policy (BOP) that bundles General Liability with Property insurance, as it often provides broader coverage and cost savings for real estate offices.