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Real Estate Errors and Omissions Insurance Corporation

A special act corporation formed pursuant to the Real Estate Services Act solely to provide errors and omissions insurance to British Columbia real estate licensees.

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Coverage

February 16, 2017

Are strata managers covered for preparation of Depreciation Reports?

Licensees preparing Depreciation Reports required by the Strata Property Act will not have coverage under the Indemnity Plan for this …

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February 16, 2017

Are all real estate services covered, including appraisal work?

Coverage under the Indemnity Plan is for claims arising out of errors by you “in performing or failing to perform real estate services for …

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February 16, 2017

Do I still have coverage after I retire or terminate my licence?

Yes, if you surrender your licence, you will continue to have coverage. This coverage applies to claims that are discovered and reported …

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February 16, 2017

Do I have coverage for the provision of real estate services outside of BC?

You will have coverage under the Indemnity Plan for errors occurring anywhere, provided that the claim is first made and proceedings are …

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February 16, 2017

Do I have coverage for claims seeking a return of commissions or profits?

Licensees who are sued in court for breach of fiduciary duty or fraud may face claims for the return of commissions or profits, in addition …

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February 16, 2017

Do I have coverage for fines or penalties levied by the BC Financial Services Authority?

No, there is no coverage under the Indemnity Plan for complaints made against you to the BC Financial Services Authority or for any fines, …

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February 16, 2017

If I report a claim to E&O, is that report shared with the BC Financial Services Authority?

Sometimes licensees face claims for damages that are handled by E&O and also face a complaint made against them to the BC Financial …

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February 16, 2017

Does the Indemnity Plan provide coverage for complaints made to the BC Financial Services Authority or to the Human Rights Tribunal?

The Indemnity Plan does not provide coverage for complaints made against you to the BC Financial Services Authority or to the Human Rights …

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February 16, 2017

Do I have coverage if I list my own property for sale?

If: you, your spouse, or a corporation or other legal entity in which either of you either separately or together, directly or …

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