Illinois, Michigan and Massachusetts are among 11 states with very high risks of professional liability lawsuits arising out of the subprime mortgage crisis, according to a new report.
The report, titled "What's the State of Your State? E&O Risk Uneven Across The Country," published by Guy Carpenter, a reinsurance broker and subsidiary of New York-based professional services company Marsh & McLennan, provides a state-by-state overview of the threat of errors and omissions litigation on U.S. real estate professionals.
According to Guy Carpenter's report, high foreclosure rates alone won't put a state in the high-risk category for E&O lawsuits. For example, Arizona and Nevada have two of the highest foreclosure rates in the country--2 percent and 4.2 percent, respectively--but "low" and "medium" risks to E&O lawsuits.
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