About
ABOUT
The Real Estate and Business Broker’s Act, 2002 S.O. 2002 requires that all registrants secure professional liability insurance coverage through the policy administered by RECO as a condition of registration.
THE RECO PROGRAM
RECO secured the first Professional Liability Insurance Policy (“the Policy”) on September 1, 2000. Since that time, registrants have enjoyed broad and unique insurance coverage under the Policy’s three parts:
Part A
Errors & Omissions
Part B
Commission Protection
Part C
Consumer Deposit
RECO has continued to provide stable and affordable insurance coverage for the real estate industry in the province of Ontario.
The renewal date for the Policy is September 1. Each registrant must pay their insurance premium by the specified deadline ahead of that renewal date in order to maintain their registration, otherwise their registration will be suspended. Additionally, registrants must pay any outstanding deductibles owing for claims previously paid.
- The Policy is managed by the Program Manager, Alternative Risk Services. Management of the Policy requires many functional areas, including oversight of the Program Adjuster, and the panel of defense counsel who represent the Insureds under the Policy when necessary.
- ClaimsPro LP is the Program Adjuster and is responsible for taking notice, investigating and, where appropriate, resolving claims on behalf of the insurer.
- The Program Manager has engaged a panel of highly experienced defense counsel who specialize in defending real estate agents.
The Policy is currently underwritten by certain Underwriters at Lloyd’s and the Trisura Guarantee Insurance Company.
The common renewal date for the Program’s insurance is September 1. Each registrant must pay an insurance premium that provides the registrant with one year of insurance coverage for errors and omissions, commission protection and consumer deposit claims.
September 1
Renewal Date
1 year
Coverage Period
Coverage
Errors & Omissions,
Commission Protection,
Consumer Deposit
Other Program Features
- ClaimsPro LP is the program adjuster and is responsible for taken notice, investigating and, where appropriate, resolving errors and omissions and consumer protection claims on behalf of the insurer.
- The Program has a panel of highly experienced defence counsel who specialize in defending real estate agents.
- The Program has written a number of loss control bulletins that have been published by RECO and supports the insurance-related content of RECO’s update course and its electives.
ADDITIONAL COVERAGE
Alternative Risk Services has arranged an Excess Errors and Omissions Insurance facility for RECO registrants looking for additional protection over and above RECO’s primary insurance coverage.
Features of Excess Policy
- Limited ‘drop down’ coverage for some matters not completely covered by RECO’s insurance policy (e.g. Property Management in excess of 35% of revenues, Value Appraisals for Financing, Property Damage, etc.).
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Policy limit options of $1 million, $2 million, $3 million, $4 Million, and $5 Million are available.
If Higher amounts are required, please contact the Insurance Broker.
- Minimum premium of $750 for individuals, and $1,000 for brokerages.
If you are interested in obtaining a no obligation quote for Excess Errors and Omissions Insurance, please download and complete the Excess Errors and Omissions Insurance Application form and return it to Alternative Risk Services at:
Coverage Questions?
If you have any questions about your insurance coverage please contact Alternative Risk Services