Who we are
Our corporation was set up in 1988, when the real estate industry in BC opted for self-insurance. We’re a non-profit organization; we pool the assessments paid by licensees and use those funds to pay the costs of defending claims and, when required, paying them. The Real Estate Services Act (RESA) requires every real estate licensee in BC to participate in E&O. Licensees pay their assessments every two years with their licence renewals, and receive an annual report on the fund and the payments made from it during the previous fiscal year.
We’re accountable to our licensees through our board of directors. The E&O board is composed of seven directors appointed by the following organizations:
- Three directors by the BC Real Estate Association (the professional membership organization for BC Realtors®)
- One director by the Lieutenant Governor in Council
- Three directors (E&O appointed directors) by the four directors appointed above
What we do
Our mission statement is to provide cost-effective professional liability insurance, loss prevention tools and legal support services for the protection of real estate licensees and thereby the public. E&O acts on behalf of real estate licensees in responding to claims made against them for damages. E&O is not the regulator for licensees and is not involved in licensing or disciplinary matters, both of which are the responsibility of the BC Financial Services Authority.