Podcast Episode #1: Risk Management vs. Claims Intervention

Wednesday, April 23, 2014

About Cornerstone Report Radio with Brian Trotier

Cornerstone Report Radio was created for real estate professionals like you who want easy access to information when you’re out in the field. If you don’t have time to read a lot of articles and blog posts, these short, 10-minute episodes will give you the information you need to stay up-to-date on trends and issues that affect your work and your livelihood.


In This Episode

As you know, there is a lot of risk involved with being a real estate professional these days. While you can’t eliminate risk completely, you can greatly reduce your errors and omissions liability through effective risk management and claims intervention.

Not sure how they differ? Today, we clear up the confusion and talk about how you can make these strategies work for you and your business

In this episode, we cover:

●     Risk management versus claims intervention: what’s the difference?

●     Greatly reducing your errors, omissions and liability through effective risk management and claims intervention.

●     The benefits of continuing education.

●     Effective strategies for making risk management and claims intervention work for your business.

●     How understanding the scope of work can help you reduce your risk of claims or lawsuits.

●     Ways FREA specialists can help you respond to and mitigate a claims situation.

●     Why you should always be proactive in addressing issues instead of putting your head in the sand and ignoring a claim.

●     When you should report a claim or potential claim to your E&O carrier.

●     Steps you can take to avoid a claim.

●     Tips for responding accusations in a professional manner.

Top takeaways for this episode:

1.    Stick to what you know: If you get asked any questions outside your comfort zone or area of expertise, pass those questions on to someone else or, in some cases, abandon the assignment.

2.    Keep a paper trail in your work file: Effectively log all communications with your client or the AMC that represents your client, including any requests you might make to modify the scope of the appraisal, or to introduce new limiting conditions, assumptions, or to modify the certifications.

3.    Contact a FREA risk management specialist - We’re happy to help advise you on where you stand in terms of your risk and what the risk might be of you getting a claim.

Resources for this episode:

●     Home Owners Network (HON) Professional Mobile App (free to FREA Professional Members!)

●     Cornerstone Report Newsletter

Now It’s Your Turn

Did you enjoy this episode of Cornerstone Report Radio? Then we’d love for you to head over to iTunes and leave a review

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