Brokerages and MLSs gaining new antitrust, cyber insurance options
Orion Real Estate Data Exchange announced that it will be offering specialized insurance plans through a strategic relationship with HUB International.
Real estate brokerages and MLS organizations are gaining another option for specialized insurance, industry leaders announced this week.
A new partnership for expanded insurance options: The newly created Orion Real Estate Data Exchange has entered into a strategic relationship with global insurance and financial services firm HUB International to offer a variety of insurance plans, including those that cover antitrust, cyber liability and errors and omissions (E&O). The offerings are similar to the types of insurance available to real estate agents that are typically covered through the National Association of Realtors' plan.
Dave Howe, president and CEO of the Northern California-based MLS MetroList, confirmed with Real Estate News on Sept. 30 that the strategic relationship is in place.
Orion participation not required: In an interview with Real Estate News, Howe said that the insurance options are available to MLSs, brokers and associations across the industry — regardless of whether they are part of Orion. The new data share was unveiled last week by MLSs in three Western states: MetroList, Northern Nevada Regional MLS and Oregon Data Share.
Post-Sitzer coverage options: While MLSs and other industry players can get coverage through NAR's plan, Howe said this new offering can fill in the gaps — most notably when it comes to antitrust claims. Many non-Realtor MLSs were stung by the settlements reached in the landmark Sitzer/Burnett commissions case, ultimately electing to opt into NAR's settlement agreement. The 15 non-Realtor MLSs that opted in agreed to pay more than $6.2 million in total.