New Indemnity Plan effective April 1
The Indemnity Plan RE0418 replaces Indemnity Plan RE0317 and Endorsement #1, and will apply to new claims reported to E&O on or after April 1, 2018.
Other than the change in start of the policy year from March 1 to April 1 to line up with E&O’s new fiscal year-end, there have been no changes to the wording in the Indemnity Plan compared to last year’s Plan. It continues to provide you with $1 million in coverage against negligent errors and omissions that may occur in the course of your activities as a real estate licensee.
Please take a few moments to familiarize yourself with the terms in the Indemnity Plan. The wording and general information on E&O, including FAQs and instructions on how to report a claim, are available to you on the website at www.reeoic.com, using the password eno.
To save money and paper, we aren’t mailing hard copies of the Indemnity Plan to licensees, but you can download or print a copy from the website at any time.
It’s a good idea to periodically review your insurance needs. Depending on your particular situation, you may need comprehensive general liability insurance coverage and/or excess insurance coverage. Check with your managing broker to find out what kind of insurance your office has. Additional information on excess insurance can be found here.
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 the article by Bill MacLeod on Risks and Insurance for the Real Estate Licensee useful.
April 1, 2018 marks the beginning of E&O’s 31st policy year. Your annual premium of $350 ($700 for the two-year licensing period), payable when you next renew your licence, has remained unchanged since 2011.