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.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.