The purpose of E&O insurance is to transfer financial risk and protect brokers and agents from dissatisfied consumers. But as we emerge into a new market of agent and consumer awareness, and the consumers increased concern for the present and future value of their real estate investment and financial responsibilities, E&O insurance will also start going through a transformation.
Prior to the Internet, the protection of data was taken for granted. With the move to a digitized world, security breaches in all industries, including real estate, are a given and identity theft has become one of the fastestgrowing crimes in the world. While government agencies and corporates are coming up with measures to combat these crimes, its up to individuals to safeguard their personal information.