Have you paid your RECO insurance premiums yet? Here’s a message from RECO:
Every July and August, real estate professionals across Ontario must make a payment to renew their insurance coverage for the year.
This year’s insurance payment, if paid by the due date, August 15, 2014, was $400. This includes three valuable forms of insurance coverage:
- Consumer Deposit insurance protects consumers for loss of deposits caused by fraud, misappropriation of funds or insolvency by a registrant.
- Errors and Omissions coverage provides protection for registrants in the event that errors and omissions committed in the course of their professional services lead to claims made against them.
- Commission Protection coverage protects registrants from loss of commission caused by fraud, misappropriation of funds or insolvency of a brokerage.
This year’s renewal period
This year’s insurance renewal has been very successful. As of September 2, over 97 per cent of registrants made their insurance payment. However, every year a number of registrants fail to make their payment. After making significant efforts to reach out to them, RECO has suspended their registration as required by provincial regulations. These suspended registrants can no longer trade in real estate unless they revive their registration.
How to confirm that registration has been suspended
The Registrant Search on the RECO website will confirm the status of a registration. In addition, Brokers of Record can check the insurance payment status of their registered employees on MyWeb.
How to revive registration
Registrants can revive their registration by paying the outstanding amount of $400, plus $35 for expenses related to administration of the suspension process, for a total of $435.
Credit card payment through MyWeb will automatically revive registration. This will also remove the suspension from the Registrant Search results. Detailed information related to the program is available on the RECO website.
Insurance Payment Inquiries should be directed to:
Phone: 416.207.4841; Toll-free: 1.866.757.7772
Registration Inquiries should be directed to:
Phone: 416.207.4800; Toll-free: 1.800.245.6910