What is it?
A General Liability Insurance policy will respond to defend, investigate and settle claims for damages caused by a negligent act that results in property damage or bodily injury to a third party. These types of claims are not covered by REIX. The claim doesn't have to have any merit; but still has to be defended. The policy will fund these costs, as well as funding the hold harmless and indemnity provisions in the agency agreement entered in to with a typical brokerage by each associate.

Why do I need this?
The agency contract with a brokerage normally requires an associate to have this kind of insurance in place. That said, a reasonable and prudent person who is in business for themselves needs to manage their risk, and ensure that there are funds to respond if claim is brought and a defence is needed. Personal assets are at risk; this policy is designed to protect those assets. The corporations many agents have set up to flow commissions does not guarantee protection against claims brought personally.

What are the benefits?
The policy is managed for the industry members by Toole, Peet & Co. Ltd. resulting in a cost saving that is passed along directly to the agent. It is written to eliminate any confusion about who is an insured. The benefits are extended to;

• The independent agents, their professional corporations and any employees they themselves might have, licensed or unlicensed.

Claims are usually made against the agent personally, and normally include a claim against the brokerage too.

How Much Liability Insurance is Provided?

• Bodily injury and Property Damage Liability:     $5,000,000 per occurrence
• Non-owned Automobile Liability                          $5,000,000 per occurrence
• Employers Liability                                                 $1,000,000 per occurrence
• Employment Practices Liability                            $1,000,000 per occurrence
• Property Damage Deductible                               $1000

How much does it cost?
$220.00 for a 12 month policy term. If you want to insure your office contents in your home or brokerage office, or even while you are away from you office, we can do that for an additional premium as shown below. Larger Member Groups can negotiate discounts based upon participation. Eligible groups include REALTOR® associations, brokerage firms and franchises.

What documentation is provided?
A Master Policy is on file in the offices of Toole, Peet & Co. Limited. A certificate of Insurance is issued on-line to each subscribing industry member naming the Policyholder and their professional corporations and any employees they themselves might have, licensed or unlicensed as Insured's.

We can also include coverage for the personal property of the independent associates. A typical homeowner's insurance policy does not include coverage for business personal property in the home or office. There are two options available:

Basic Multi-peril Package to cover Business Personal Property in the office or home.
Office Contents - Home or Brokerage office, $1,000 Deductible, $50 per year. $20,000

OR

Broad Form Office Package, Multi-Peril coverage, $1,000 Deductible, $150 per year.
Includes:

Office Contents - Home or Brokerage Office                                                                    $20,000
Extra Expense Insurance                                                                                                     $10,000
Off Premises Coverage: Covers Laptops, cell or Blackberry, Camera, Briefcase   $ 5,000
Valuable Papers covers cost of replacing or re-issuing important documents        $ 5,000
Excess Travel Medical for Associate and family                                                              $500,000

Why is Business Liability Insurance necessary? What are the risks?

Here are a few examples...

• A purchaser sues the REALTOR® because a neighbours' barking dog disturbs the peace of the new home. The REALTOR® had advertised a well kept home in a quiet neighbourhood.
• The REALTOR® forgots to lock up the home after a showing allowing access to thieves or vandals.
• Someone trips over an Open House sign
• A REALTOR® lights a fire in the fireplace at an Open House, failing to ensure the chimney flue was open, resulting in severe smoke damage to the residence.
• A REALTOR® agrees to assume responsibility for snow removal for a customer who has moved out of town. REALTOR® fails to do so, and a pedestrian slips and falls. Homeowner sues REALTOR® .
• The signage contractor damages the property in the process of placing a sign for a REALTOR® .
• Sign blows in to street, striking a vehicle, causes accident.
• An unlicensed assistant employed by the associate, not the brokerage, causes property damage or bodily injury.
• An assistant is injured on the job, and sues associate
• Assistants or associates in 'working alone' situations. Did you consider your risk when you put them out there? Were they warned of the risk and trained to be safe?
• A vehicle owned by someone working on behalf of the associate or brokerage is involved in an accident and associate and/or brokerage is third partied in to the claim.

How do I enrol in the program?