RISMEDIA, Jan. 10, 2007-The National Association of Realtors® announced an additional benefit for RELAY(TM) transaction management subscribers. Now, a reduction of up to $2,500 in the deductible amount on Errors and Omissions (E&O) insurance provided by Geo. F. Brown & Sons will be available to real estate professionals who utilize the RELAY system. The discount is in addition to the existing 50% reduction in the E&O deductible NAR members receive through Geo. F. Brown & Sons under NAR's REALTOR Benefits(sm) Program.
"Agents and brokers using RELAY online transaction management already reduce their risk through its automatic history and notes functionalities, and through an enhanced ability to track transaction progress and completion," said Bob Kulick, Real Estate
Business Technologies LLC chairman of the board. "Now, if an errors and omissions claim is filed involving a transaction where RELAY was utilized, Realtors® can save up to $2,500 off the deductible, in addition to the 50% off the deductible available under the
current program through NAR and Geo F. Brown."
"From a risk management perspective, RELAYis a valuable tool that provides real estate practitioners with the security of knowing that each step in the transaction process has been completed. This helps to increase compliance and could reduce E&O expenses over
time," said Joan Schmalz, executive VP, Geo. F. Brown.
"NAR is very excited about RELAYand Geo. F. Brown entering into this partnership to benefit members. Both companies are leaders in their industries and provide offerings that help real estate professionals minimize potential risks. This is an outstanding illustration of how REALTOR Benefits partners can leverage each others' offerings to provide added value and additional savings to NAR members," said Bob Goldberg, NAR senior vice president of Marketing and Business Development and head of the REALTOR Benefits Program.