Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Rice Insurance briefs commission on E&O claims: Tennessee accounts for $25M of group program losses since 2015
Summary
Rice Insurance presented claim trends to the Tennessee Real Estate Commission, reporting more than $25 million in damages and expenses paid for Tennessee claims since 2015 and describing common claim types and recent upticks in vacant-land fraud and septic/permitting disputes.
Rice Insurance Services, which administers the Tennessee mandatory errors-and-omissions (E&O) group program, presented claims data to the Tennessee Real Estate Commission on Feb. 6 and urged licensees to report incidents early and maintain appropriate coverage.
Christine Campbell, Rice senior claims specialist, told commissioners the program has handled more than 20,000 real-estate claims nationwide since 2003 and over 5,000 claims from Tennessee. She said Continental Casualty Company (the group-policy carrier) has paid more than $149 million across all programs Rice administers; of that, more than $25 million was incurred in Tennessee for closed and open claims from 2015 through 2024.
Key figures and trends - Tennessee closed-claim payments (2015–2024): $12,813,587.91 (Campbell read the quarterly report). - Reserved amount for open Tennessee claims: approximately $4.7 million. - Total Tennessee incurred (open + closed) since…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
