018-7 Wyo. Code R. §§ 7-5 - Exceptions to coverage
(a) Except as provided in this section,
coverage may not exclude claims brought against the insured licensee arising
out of an act or failure to act by the licensee when performing a professional
service for which a real estate license is required. Coverage may limit or
exclude claims brought against a licensee which arise as follows:
(i) Out of claims or suits made or brought by
any insured person against any other insured person within the same firm or
from compensation disputes between licensees;
(ii) Out of loss assumed under contract or
agreement, except for liability the insured would have had in the absence of
such agreements;
(iii) From any
criminal, dishonest, actual fraud, or willful act or omission. This exclusion
does not apply to any insured person who did not personally participate in
committing such an act or omission and who, upon having knowledge of the act or
omission, reported it;
(iv) From
unlawful discrimination committed by or for the insured person;
(v) From fines or penalties imposed by
law;
(vi) From failure to maintain
any type or amount of insurance for managed property;
(vii) From bodily injury, personal injury,
advertising injury, or property damage;
(viii) From related business activities for
which a license is not required under this chapter;
(ix) From involvement in any real estate
investment contract or syndication as a partner, joint venture, or
underwriter;
(x) From hazardous
materials, nuclear materials, or pollutants;
(xi) From prior wrongful acts;
(xii) From management or sale of property in
which the insured or spouse has more than a ten percent financial or ownership
interest. This exclusion does not apply for one year from the date a property
is acquired under a guaranteed sale listing contract if the property is listed
for sale during that entire period;
(xiii) From any violation of the Securities
Act of 1933, as amended through July 1, 1993, or the Securities Exchange Act of
1934, as amended through July 1, 1993, or any state blue sky or securities law
or similar state or federal statutes; or
(xiv) Other standard exclusions that are
typical in the professional liability insurance industry may be permitted,
subject to the approval of the Wyoming Real Estate Commission.
Notes
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