April 12, 2023 – Errors and Omissions Q&A
On Wednesday, April 12, we were joined by Leslie Howatt, Executive Officer of the Real Estate Errors and Omissions Insurance Corporation, Amy Peck, Partner at Whitelaw Twining, and Rob McLeod of Axis Insurance. The panel walked through the details of the claim process, discussed additional insurance options, and answered your questions.
- Session slide deck (E&O)
- Session slide deck (Axis)
The following questions were asked but due to time constraints were not answered during the session. Answers are closed below:
- Do the licensed salespeople get a copy of the E&O policy if they have to pay premiums?Yes, every licensee receives the March Risk Report by email and it includes a link to the Indemnity Plan each year. The Indemnity Plan can be downloaded or printed out from the website. The password for the website is “eno.”
- Please touch on the coverage (or lack thereof) in relation to property management activities. Property management licensees are covered under the Indemnity Plan. The terms of coverage and limits of coverage are the same for all licensees. There are some exclusions to coverage that property managers should be aware of including Exclusion 14 (a claim pursuant to the Residential Tenancy Act), Exclusion 12 (a claim relating to or arising out of the failure to effect or maintain adequate insurance) and Exclusion 2 (bodily injury).
Commercial General Liability policies will provide coverage for bodily injury claims against property managers so it is important for brokerages doing property management to have such policies in place. Commercial property managers should also ensure that they are named as additional insureds on their commercial client’s policy.
- Can you explain the decision for a need to have a property management license to manage their own properties for a PREC? Will this also change for trading services in the future as well?This question should be directed to the BC Financial Services Authority (BCFSA), the regulator of real estate licensees. BCFSA contact information can be found here.
- BFCSA defence has been mentioned – would the insurance also cover defence for real estate boards?
For more information, please contact Rob McLeod at Axis Insurance by emailing [email protected].
The views expressed in these presentations are those of the speakers and
do not reflect the views of BCREA or its member boards. Please note, the
content of these presentations was current as of the date of each session
and we cannot guarantee the accuracy of information provided in past sessions.
Past Sessions
April 10, 2024 – Government Relations Advocacy Update
March 20, 2024 – The Makings of a Complete Compliance Program
February 14, 2024 – BCREA Economics Update
January 17, 2024 – Update from BC Assessment
December 6, 2023 – Indoor Air Quality and Radon Gas in Real Estate
November 22, 2023 – Top Findings from BCFSA’s Audit of Real Estate Brokerages
November 1, 2023 – Managing Brokers Policies and Procedures Manual Template & Standard Forms Launch
October 11, 2023 – Real Estate Transactions involving Tenanted Properties
September 13, 2023 – Real Estate Transactions Involving Indigenous Lands
September 6, 2023 – FINTRAC Q&A
August 23, 2023 – BC Strata Amendments Explained
August 9, 2023 – WorkSafeBC and Real Estate
July 19, 2023 – BCFSA’s Regulatory Roadmap, Data Insights, Rules Amendments, and Stakeholder Engagement
July 5, 2023 – FINTRAC Compliance and Preparing for Examinations
June 21, 2023 – Distracted Driving: What to Know as a Real Estate Professional
June 7, 2023 – Cybersecurity Best Practices for Brokerages
May 24, 2023 – Climate Crisis Impacts on Real Estate
May 10, 2023 – Mental Health in Real Estate
April 26, 2023 – BCREA Government Relations Update
April 12, 2023 – Errors and Omissions Q&A
March 29, 2023 – Title Fraud in Real Estate – What You Need to Know
March 1, 2023 – Errors and Omissions – Insurance Changes, Trends, and Tips for Mitigating Risk
February 22, 2023 – The Path to Recovery in the Housing Market
February 15, 2023 – Data Collection in Real Estate
February 8, 2023 – Managing Broker Research Insights
January 18, 2023 – Foreign Buyer Ban with CREA and AUTOPROP
January 11, 2023 – BC Assessment 2023 Highlights
November 16, 2022 – 2023 Regulatory Changes and Standard Forms Launch
November 2, 2022 – Home Buyer Rescission Period with BCFSA
October 26, 2022 – Professionalism and the Leadership Role for Managing Brokers
September 28, 2022 – Housing Panel with Municipal-Nominees Across BC
August 17, 2022 – BCREA Updates
July 13, 2022 – The Cullen Commission Report: What REALTORS® Need to Know
June 15, 2022 – BCREA Government Relations and Advocacy Update
June 1, 2022 – FINTRAC – Receipt of Funds (no recording)
May 18, 2022 – BCREA Government Relations and Advocacy Update
May 4, 2022 – Risk Mitigation and Insurance Through Wildfire Season
April 20, 2022 – An Inside Look at Conveyancing
April 6, 2022 – Enhancing your Cyber Security with MFA
March 16, 2022 – Understanding Challenges With Assignments
March 2, 2022 – BCREA Consumer Protection Recommendations
February 2, 2022 – Let’s Chat – Darlene Hyde Talks Past, Present and Future at BCREA
January 19, 2022 – BCREA’s Economic Outlook
January 5, 2022 – BC Assessment 2022 Highlights
December 1, 2021 – REEOIC Recap of Top Claims and How to Avoid Them
November 17, 2021 – Mandatory Cooling Off Period and Other Real Estate Transparency Measures
November 3, 2021 – Standard Forms Pre-Launch
October 20, 2021 – REALTOR® Professionalism & REALTORS® Care week
October 6, 2021 – Post-Election Sectoral GR and Advocacy Update
September 22, 2021 – Risk Management in a Red Hot Market
September 1, 2021 – Corporations, Corporate Records, & Identifying Beneficial Interests
July 28, 2021 – Integrated Regulator of the Financial Services Sector: BCFSA
June 16, 2021 – Vaccines & the Restart Plan – What You Need to Know
May 19, 2021 – FINTRAC Compliance Resources and the Upcoming Changes (no recording)
April 21, 2021 – Land Owner Transparency Registry
April 7, 2021 – E&O: Mitigating Risks in a Hot Market
March 31, 2021 – Emerging Issues in a Hot Market
March 17, 2021 – Legal Defence Reserve
March 3, 2021 – Cyber Security and Technology: What Brokers Need to Know
February 24, 2021 – REALTORS® and the BC Energy Step Code
February 3, 2021 – BCREA Update on Cullen Commission
January 13, 2021 – RECBC Licensing Fee Changes
December 16, 2020 – 2020 Year-In-Review and Looking Ahead to 2021
November 18, 2020 – What Would You Do? Presentation Series: Conflicts of Interest and Misrepresentations
November 4, 2020 – Administrative Penalties
October 7, 2020 – Land Owner Transparency Registry
September 23, 2020 – Risk and Insurance for Real Estate Brokerages
September 9, 2020 – Anti-Money Laundering & Fostering a Culture of Compliance
August 19, 2020 – New Forms and Form Revisions Fall 2020
August 5, 2020 – What Would You Do? Presentation Series: Working in Your Area of Expertise
July 22, 2020 – Rising Strata Insurance Rates in BC
July 8, 2020 – Update from the Superintendent of Real Estate
June 24, 2020 – REALTOR® Brand & Reputation Management
June 17, 2020 – Guidance and Support for Returning to Safe Operations
June 10, 2020 – What Would You Do? Presentation Series: Implied Agency
June 3, 2020 – Managing Broker Panel Discussion on Returning to Safe Operations
May 20, 2020 – FINTRAC Update and Return to Safe Work Plan (No Recording)
May 13, 2020 – E&O Coverage and Claims During COVID-19
May 6, 2020 – Economic Outlook and Market Update
April 29, 2020 – The Virtual World and Live Tours
April 22, 2020 – Professional and Regulatory Changes: Principle-Based Practice
April 15, 2020 – Provincial and Federal Advocacy During COVID-19