Brokerage Insurance Program Now Offers Vicarious Liability and Disciplinary Fines Coverage
BCREA is pleased to announce that the Brokerage Insurance Program now offers vicarious liability and disciplinary fines coverage for managing brokers. This coverage is intended to protect managing brokers who have acted professionally and upheld rigorous professional standards but find themselves facing disciplinary action. The Brokerage Insurance Program is an affinity program created by BCREA and Metrix Professional Insurance Brokers to provide managing brokers with insurance solutions specifically designed for real estate brokerages.
The vicarious liability and disciplinary fines coverage is exclusively available to managing brokers through BCREA and Metrix. The coverage is an extension on the excess errors and omissions policy and has a $250,000 limit - the maximum fine that can be made against a managing broker under Section 43(2)(i) of the Real Estate Services Act. The fines coverage will respond to discipline orders made and reported to the insurer during the policy period even if the services were provided in the past.
As an affinity program, BCREA receives a revenue share of the net annual revenue generated from insurance services sold to BC real estate brokerages through the Brokerage Insurance Program.
To learn more about the coverage options available, or to request to speak to someone at Metrix about your insurance needs, complete the application here on REALTOR Link® (login required).
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