New Indemnity Plan maintains coverage and premiums, takes effect April 1

March 2025

As we prepare to kick off E&O’s 38th policy year, we’re happy to issue our annual update, with Indemnity Plan RE0425 replacing Indemnity Plan RE0424 and applying to any new claims reported to E&O on or after April 1, 2025.

Some of the highlights of your 2025 E&O coverage are:

annual premiums of $315 and the $2 million coverage limit remain unchanged – this illustrates the benefits of stable and cost-effective coverage through E&O’s self-insurance program, made even clearer when compared to insurance premiums in private markets.
ongoing loss prevention efforts – maintaining these low premiums depends heavily on the continuing care that you take to avoid causing losses. Doing things right works to the financial benefit of you and everyone else in the profession.
NEW cyber security tools – we’re excited to introduce E&O’s Cyber Guard loss prevention tools to help real estate agents in BC stay cyber safe and avoid claims that may result from lax cyber security. These services are available at no charge to 100% of our insureds, both individuals and brokerages.

Indemnity Plan RE0425: What to know

There have been no changes to the wording of the Indemnity Plan compared to last year’s Plan other than a housekeeping change to reflect our new office address at Unit 1590, 320 Granville Street, Vancouver, BC, V6C 1S9.

We strongly encourage you to take a few moments annually to familiarize yourself with the terms in the Indemnity Plan, the coverage you have and the responsibilities you have in reporting a potential claim on a timely basis. You can find the following key info on the E&O web site:

KEY: To access this password-protected information on the site, use the password eno.

We continue to save resources by not mailing printed copies of the updated Plan to licensees, but you can download or print a copy from the web site at any time.

Explore whether you need excess insurance to ensure you’re fully protected

We’ll continue to remind you of the importance of periodically reviewing your overall insurance needs. Depending on your particular situation, you may need excess insurance coverage that exceeds the $2 million in coverage provided by the Indemnity Plan.

Confirm with your managing broker what kind of insurance your brokerage has and, if additional coverage is appropriate in light of the risks to which you are exposed, the brokerage can purchase this type of coverage, not the individual licensee.

Depending on the type of transactions you’re involved in, you’re at greater risk of facing claims that exceed the Indemnity Plan’s $2 million policy limit if, for example, you:

provide real estate services involving multiple similar properties
sell commercial, development or waterfront properties
work in areas where real estate prices are particularly high.

Remember that there may be significantly less than $2 million available to pay damages in a complicated or hard-fought claim, because the legal fees incurred in defending you are paid first against the limits of coverage.

We continue to recommend licensees at higher risk consider purchasing excess insurance and we offer further information on our Excess insurance page.

Excess insurers should be provided with a copy of the E&O Indemnity Plan to ensure that they are aware of the terms of coverage.

Excess insurance policies may also provide additional coverage, such as cyber insurance or limited protection against the legal defence costs of disciplinary proceedings.

CGL insurance is vital for all brokerages and agents

Comprehensive general liability (CGL) insurance is essential for every brokerage and agent. CGL provides coverage for bodily injury and physical property damage to third parties, including risks arising from your premises as well as any showing or listings.

TIP: Ensure that the brokerage CGL policy extends coverage to independent contractors and not only brokerage employees.

Licensees acting as strata and property managers may or may not have coverage for bodily injury claims under their clients’ insurance policies. Brokerages providing strata or property management services should ensure that their licensees have this coverage under the brokerage CGL and/or excess policies and that these policies also extend to independent contractors.

For additional coverage, we recommend that you consult with an insurance broker who has experience in placing insurance for real estate brokerages and who can advise you about your needs and options.

You may also find these resources useful: