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CONTENTS Scope of Coverage.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 The Insuring Agreement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 Scope Of Coverage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 Defense And Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 Exclusions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 Common Endorsements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 CONTACT Randall I. Marmor Gordon & Rees One North Franklin, Suite 800 Chicago, IL 60606 phone: 312.980.6778 email: rmarmor@gordonrees.com Craig Jacobson Gordon & Rees One North Franklin, Suite 800 Chicago, IL 60606 phone: 312.980.6784 email: craig.jacobson@gordonrees.com
MORTGAGE COMPANY PROFESSIONAL LIABILITY COVERAGE INTRODUCTION A professional liability policy insures professionals against loss arising from claims brought against them by persons for whom the insured provides professional services. The policy typically provides a defense and indemnity in connection with claims alleging errors and omissions. It is insurance that protects the professional activities of those who have specialized knowledge or skills through education or experience. Historically, such policies were issued mainly to professionals such as accountants, attorneys, doctors or engineers, but the coverage can also apply to persons engaged in other specialized fields who desire coverage for their wrongful acts The Mortgage Company Professional Liability Policy (“MCPL policy”) provides errors and omissions coverage to professionals and companies working in the real estate finance industry, such as mortgage bankers and mortgage brokers. The policy provides defense and indemnity protection from claims that may be brought by borrowers or other third parties for whom the insureds have provided services, such as arranging, documenting and/or servicing mortgage loans. The coverage is provided for claims arising from any alleged failure by the professional to perform, or to adequately perform, professional services in connection with such work. The following is an overview of the coverage under the MCPL policy. PROFESSIONAL LIABILITY COVERAGE · 4
Page 1: MORTGAGE COMPANY Professional Liabi
Page 5 and 6: C. WHAT ARE DEFENSE COSTS? The MCPL
Page 7 and 8: E. WHAT CONSTITUTES A WRONGFUL ACT?
Page 9 and 10: B. NOTICE OF CLAIMS The MCPL Policy
Page 11 and 12: the policyholder being defended and
Page 13 and 14: EXCLUSIONS A. IMPROPER BENEFIT EXCL
Page 15 and 16: K. GOVERNMENTAL ACTION EXCLUSION Th
Page 17: COMMON ENDORSEMENTS In addition to

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