BCREA Launches Insurance Program for Real Estate Brokerages
At BCREA, we know that managing a real estate brokerage comes with a great deal of responsibility – including risk management. That’s why we’ve collaborated with Axis Professional Insurance Brokers to create the Brokerage Insurance Program, a new affinity program* that provides managing brokers with insurance solutions specifically designed for real estate brokerages.
The Brokerage Insurance Program is now available and offers brokerages competitive rates for various types of coverage, including:
- Excess Errors and Omissions Insurance: These policies provide Realtors and the brokerage with enhanced protection from claims that result from errors, omissions or negligent acts arising from providing professional services. Limits are in excess of the $1,000,000 provided by the Real Estate Errors & Omissions Insurance Corporation (REEOIC).
- Vicarious Liability and Disciplinary Fines Insurance: These policies provide managing brokers with coverage for fines that result from disciplinary actions, including vicarious liability. This unique coverage is intended to protect managing brokers who have acted professionally and upheld rigorous professional standards but find themselves facing disciplinary action. This insurance solution is exclusively available to managing brokers through BCREA and Axis.
- Disciplinary Legal Expenses Insurance: These policies provide coverage for legal costs to defend Realtors and the brokerage against disciplinary actions. This solution is unique as it is not a reimbursement like other policies and pays legal costs from the time the action is made, regardless of fault.
- Commercial General Liability Insurance: These policies help to protect Realtors and the brokerage from alleged bodily injury or property damage claims made by third parties. A claim example is a third party slipping and falling either at an open house or the brokerage’s office.
- Property and Crime Insurance: These policies provide coverage for damage to office contents, equipment and improvements, and may also provide coverage for loss of income due to interruption of business operations.
- Cyber Insurance: These policies provide coverage to protect Realtors and the brokerage from cyber-attacks. A claim example could be a data breach where a Realtor, brokerage or client’s personal, legal or banking information is compromised.
To learn more about the Brokerage Insurance Program, or to request to speak to someone at Metrix about your brokerage’s specific insurance needs, please visit the Brokerage Insurance Program page on BCREA Access (login required).
*The Brokerage Insurance Program is an affinity program and BCREA receives a revenue share of 3% of the net annual revenue generated from insurance services sold to BC real estate brokerages.
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