CSHB 357(L&C)-CLAIMS AGAINST REAL ESTATE LICENSEES                                                                   
                                                                                                                              
2:27:02 PM                                                                                                                    
CHAIR ELLIS announced CSHB 357(L&C) to be up for consideration.                                                                 
                                                                                                                                
SENATOR BUNDE  said he  heard from a  small real  estate business                                                               
operator that he was quoted as  much as $700 for E&O coverage and                                                               
previous  testimony from  the sponsor  said  it would  be only  a                                                               
couple of hundred dollars.                                                                                                      
                                                                                                                                
ELEANOR WOLFE, staff  to Representative Kurt Olson  and the House                                                               
Labor  and Commerce  Committee,  explained  that individuals  who                                                               
have  been quoted  individually have  run into  very high  rates.                                                               
That is  why this  would become  a small  group and  the existing                                                               
brokers who  have insurance  could go  with this  organization if                                                               
they choose  to do so.  The approximately 40 percent  that aren't                                                               
covered now would be able to  be covered at $100,000 per year for                                                               
$200.  Most brokers  are carrying  over  $1 million  and a  whole                                                               
bunch of extras that aren't included in this policy.                                                                            
                                                                                                                                
2:29:15 PM                                                                                                                    
SENATOR BUNDE moved  to report CSHB 357(L&C)  from committee with                                                               
individual  recommendations and  attached  fiscal note(s).  There                                                               
were no objections and it was so ordered.