Orange County NC Website
Browse       Search
DocuSign Envelope ID:4BD3AF05-8D53-4AE5-83F5-70D042544F7F <br /> DNA REAL ESTATE PROFESSIONALS ERRORS <br /> AND OMISSIONS POLICY <br /> J. Owned, constructed, developed and purchase of property <br /> based on or arising out of any actual, alleged or attempted: purchase by; sale, leasing, or appraisal of <br /> property developed, constructed or owned by: <br /> 1. any Insured; <br /> 2. any entity in which the Insured had a financial or a contemplated financial interest; <br /> 3. any entity with a financial interest or contemplated financial interest in you; or <br /> 4. any entity under the same financial control as you; <br /> provided that such financial interest, contemplated financial interest, or financial control existed at the <br /> time of the act or omission giving rise to the claim. <br /> This exclusion does not apply to: <br /> a. the actual or attempted sale of real property that the Insured did not construct or develop and in <br /> which the combined ownership interest of all Insureds at the time of such sale was less than <br /> 25%; or <br /> b. the leasing of real property in which the combined ownership interest of all Insureds was less <br /> than 50% at the time of the professional real estate services rendered; or <br /> c. the actual or attempted sale, leasing, or property management of the Insured's residential <br /> property by another Insured who is not the owner of such residential property; or <br /> d. the sale of residential property by an Insured who is the owner of such residential property <br /> and all of the following conditions are met in connection with such sale: <br /> (i) a written Home Inspection Report is issued by a licensed or accredited home inspector, <br /> or was waived in writing by the buyer prior to closing; <br /> (ii) a home warranty policy was purchased prior to or at closing; <br /> (iii) a seller disclosure form was signed by the Insured and acknowledged in writing by the <br /> buyer prior to closing; <br /> (iv) the Insured's ownership interest in the property was disclosed in writing; and <br /> (v) a state or local board approved standard sales contract was utilized; or <br /> e. the actual or attempted sale of real property 100% owned by you if the property was acquired by <br /> you under a written guaranteed sale listing contract, and from acquisition to resale the title to <br /> the property was held by you for less than twelve months, and the property was continually <br /> offered for sale by you; <br /> K. Securities Claims <br /> based on or arising out of: <br /> 1. the filing of any registration statement under the Securities Acts of 1933, or the Securities <br /> Exchange Act of 1934, any State Blue Sky Law, or any other state or local securities law; or <br /> 2. the Securities Act of 1933, the Securities and Exchange Act of 1934, rules or regulations of the <br /> Securities Exchange Commission under either or both acts, similar securities laws or regulations <br /> of state, or any laws of any state relating to any transaction arising out of, involving, or relating to <br /> the public offering of securities; <br /> L. Failure to maintain insurance <br /> based on or arising out of any actual or alleged: <br /> 1. failure to effect or maintain any insurance, financing or bond; <br /> 2. failure to advise of the need for adequate amount or type of insurance, financing or bond; <br /> CNA65781 XX ED. 05-2012 Page 12 <br />