The National Association of Realtors (NAR) is facing a significant setback as it has depleted its liability insurance coverage, leaving state and local associations responsible for hefty legal fees. This development has sparked concerns for the financial stability of these associations, which are now forced to bear the burden of potential legal actions alone.
• NAR has exhausted its liability insurance coverage, creating a critical situation for state and local associations.
• State and local associations are now expected to cover the expenses related to potential legal issues, posing financial risks.
• This depletion of insurance coverage raises concerns about the long-term financial stability of these associations.
As a result of this depletion of insurance coverage, state and local associations must now grapple with the daunting challenge of shouldering substantial legal fees. This unfortunate situation casts doubt on the financial resilience of these associations and their ability to withstand potential legal actions. It remains to be seen how they will navigate this financial burden and ensure their continued operations without the backing of comprehensive liability insurance coverage.
You can read this full article at: https://www.housingwire.com/articles/nar-runs-out-of-liability-insurance-coverage-sources/(subscription required)
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