E And O Insurance Real Estate Bc

The real estate errors and omissions insurance corporation more commonly known as e o provides protection from claims for error omission and negligence against real estate licensees while they provide real estate services. 1604 700 west pender street.

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It is up to the licensees to report the claim or potential claim to e o.

E and o insurance real estate bc. Real estate errors and omissions insurance e o is a line of coverage designed to protect businesses that specialize in real estate. It mostly covers real estate agents and brokers however it can be extended to cover landlords and a few other classifications. Errors and omissions insurance e o for short is a type of malpractice insurance coverage for real estate professionals to help them avoid coming out of pocket for these costs.

The real estate services act resa requires every real estate licensee in bc to participate in e o. Real estate errors and omissions insurance corporation. It pays claims that come about due to error omission or negligence related to an agent s duties.

Just as any normal e o policy will do a real estate e o policy protects the insured against any mistakes due to negligence or breach of contract made while doing business. 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. Errors and omissions e o insurance for real estate pearl insurance.

Real estate agents brokers brokerage firms and real estate companies placing transactions through a brokerage firm domiciled outside of california. Help protect your career with pearl insurance. We provide cost effective liability insurance for approximately 27 000 real estate licensees in bc.

This protects them and the public from losses that might result from errors omissions or negligent acts that happen while licensees are performing their duties. 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. This e o insurance is specifically designed for.

Real estate errors and omissions insurance corporation. From errors and omissions insurance to cyber liability our passion is protecting real estate professionals. Vancouver bc v6c 1g8.

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