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Please be advised that the Division of Real Estate (Division) has contracted with Rice Insurance Services Company, LLC (Rice Insurance) as its qualified insurance carrier, to offer mortgage loan originator licensees and licensee applicants a group policy of insurance. As mandated by statute, the group policy obtained by the Division must be available to all licensees with no right on the part of the insurer to cancel a licensee.
The group policy premium rate is offered to all Colorado licensed mortgage loan originators and factors such as length of licensing or claim history will not affect your eligibility for the program or policy premium. However, mortgage loan originators working with reverse mortgages, company E&O policies with less than 20 licensed individuals or company E&O policies with 20 or more licensed individuals will need to contact the insurer for a rate quote. Licensees and applicants may obtain errors and omissions insurance coverage independent of the group plan so long as the coverage complies with the minimum requirements established by the Division.
The Division had recently approved a change of its qualified insurance carrier from Philadelphia Insurance Companies to Rice Insurance.
This notice is to let you know that when your professional insurance policy expires, you will have Rice Insurance as an option for your insurance needs and requirements.
If you already have a professional insurance policy in effect, or if you wish to use an insurance provider of your own choosing, you can continue to do so. If you carry a policy that covers all licensees within your professional entity, those requirements have not changed, and you may continue to purchase your insurance policy through any vendor that will meet your insurance needs.
Please click on the link below to see the current MLO requirements for Errors and Omissions Insurance (MLO Rules 2.23 through 2.26) and Surety Bond requirements (MLO Rules 2.19 through 2.22):
If you have any questions concerning this insurance coverage, please contact Rice Insurance directly at: (800) 637-7319 (Toll free).
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