Mortgage Errors and Omissions Approved Providers

All Alberta mortgage brokerages are required to have insurance against liability for errors and omissions, and additional coverage for loss resulting from fraudulent acts in the carrying on of the business of a mortgage broker in accordance with the Real Estate Act Rules.

The minimum coverage for a single occurrence is $500,000 and $1,000,000 for all occurrences in a 365-day period for both the liability insurance and the fraud coverage.

Brokerages are able to obtain their coverage from an insurance provider of their choosing from RECA’s list of approved providers.

To be approved to provide insurance for Alberta mortgage brokerages, insurance providers must agree in writing to abide by the Real Estate Council of Alberta vis a vis RECA’s Errors and Omissions Insurance Guidelines (Guidelines). Please note that the Guidelines do not set the premiums payable by Alberta mortgage brokerages, rather, premiums will be set at the discretion of the insurers.

By execution of the Guidelines, the insurance provider acknowledges it has a form of policy that meets the requirements and that it agrees to the undertakings provided within them. Upon receipt of an executed copy of the Guidelines, the Chief Executive Officer may approve the Policy for use by Alberta mortgage brokerages.

The word “insured” used in the Guidelines includes all persons engaged by the insured in connection with the work performed for the insured, including licensees who the brokerage authorizes to deal in mortgages on the brokerage’s behalf, employees, former licensees, and former employees. Policies must cover insured brokerages for all acts arising from the business of a mortgage broker and dealing in mortgages as defined in the Real Estate Act.

Insurance policies for Alberta mortgage brokerages will include provisions that the insurer will undertake to provide a defence for all claims covered by the policy, including groundless allegations; that the insurer is the first payer on claims to injured third parties and will collect any applicable deductible directly from the insured; and, that the insured is responsible for notifying the insurers of every incident that might lead to a claim during the policy term.

RECA will not authorize an entity as an Alberta mortgage brokerage without proof of errors and omissions insurance, and an additional fraud endorsement from an approved insurance provider. Select an approved provider from the list below to see their contact information.


Contact your local insurance broker


Contact your local insurance broker


Program Name

Mortgage Brokers Professional Liability Insurance Program

Broker

Axis Insurance
400 – 555 Burrard Street, Box 275
Vancouver, BC V7X 1M8
1-800-684-1911
Fax 604-791-3137

Contact

Amy Huncar, Account Executive
604-731-5328
amy.huncar@axisinsurance.ca

Rob McLeod, Account Executive
778-228-1789
rmcleod@mpib.com

Warren McDonald, Account Executive
604-699-2052
wmcdonald@mpib.com

Jessica Anderson, Account Executive
604-629-2675
janderson@mpib.com

Maeve Griffin, Account Administrator
604-282-7811
maeve.griffin@axisinsurance.ca


Program Name

 

Special Risk Insurance Managers – Dominion Lending Centres Mortgage Brokers Insurance Program provided by Atrium Underwriters Ltd.

Trinity Underwriting Managers Inc. Mortgage Brokers Professional Liability Policy

Broker

InsureLine
2636 Shaughnessy Street
Port Coquitlam, BC V3C 3G6

 

Arthur J. Gallagher Canada Limited
805-609 Granville Street
Vancouver, BC V7Y 1G5

Contact

Monica Woldring
Direct: 1(888)806-8090 ext 205
monica@insureline.com

 

Alexa Magarrell
Direct: 1-204-925-8552
Mobile: 1-236-982-5063
Alexa_magarrell@ajg.com

Bill Semrau
Direct: 1-604-608-1198
Mobile: 1-604-764-5653
bill_semrau@ajg.com


Program Name

Mortgage Professionals of Canada
RDA Policy: B113514CPBA1383

Broker

RDA Inc.
290 Rowntree Dairy Rd
Woodbridge, ON   L4L 9J7
Local 905-652-8680
Toll-free 1-800-479-6450
Fax 905-652-8688
www.rdainsurance.com

Contact

Peter Dickson, Account Executive
1-800-479-6450 ext 2239
peterd@rdainsurance.com

Daniel Gong, Account Manager
1-800-479-6450 Ext. 2392
danielg@rdainsurance.com


Contact your local insurance broker


Program Name

Independent Mortgage Brokers Association

Broker

Aon Reed Stenhouse Inc.
5500 North Service Road, Suite 402
Burlington, ON   L7L 6W6

Contact

Cheryl M. Holmes, Vice President
Account Executive
Direct: 289-313-2627
Fax: 289-313-2601
cheryl.m.holmes@aon.ca


Program Name

Mortgage Brokers Professional Liability Insurance Program

Broker

Axis Insurance
400 – 555 Burrard Street, Box 275
Vancouver, BC V7X 1M8
1-800-684-1911
Fax 604-731-3137

Contact

Amy Huncar, Account Executive
604-731-5328
amy.huncar@axisinsurance.ca

Rob McLeod, Account Executive
778-228-1789
rmcleod@mpib.com

Warren McDonald, Account Executive
604-699-2052
wmcdonald@mpib.com

Jessica Anderson, Account Executive
604-629-2675
janderson@mpib.com

Maeve Griffin, Account Administrator
604-282-7811
maeve.griffin@axisinsurance.ca

 


Program Name

Mortgage Brokers Errors & Omissions-Professional Liability Insurance

Broker

Contact your local insurance broker OR
Arthur J. Gallagher Canada Limited
805 – 609 Granville Street
Vancouver, BC V7Y 1G5

Contact

Leslie Ducommun, Client Manager
Direct: 1(604)609-2190
Toll Free: 1(866)810-2099 Leslie_Ducommun@ajg.com


Program Name

Mortgage Brokers Errors And Omissions Liability Policy

Premier Canada -Mortgage Broker’s Errors and Ommissions Insurance Costs Inclusive   Policy: EO-M8-C1

Broker

Purves Redmond Limited
1500, 155 University Ave
Toronto, ON M5H 3B7
1-800-465-1137

 

Arthur J. Gallagher Canada Limited
805 – 609 Granville Street
Vancouver, BC V7Y 1G5

Contact

George Ciobanu, Broker
gciobanu@purvesredmond.com

 

 

Alexa Magarrell
Direct: 1-204-925-8552
Mobile: 1-236-982-5063
Alexa_magarrell@ajg.com

Bill Semrau
Direct: 1-604-608-1198
Mobile: 1-604-764-5653
bill_semrau@ajg.com


Program Name

Alberta Mortgage Brokers Association (AMBA) E&O Program

Broker

PROLINK Insurance Inc. 
www.prolink.insure/AMBA
AMBA@prolink.insure
1-800-663-6828

Contact

Andrew Spencer
1-800-633-6828 ext 7715
AMBA@prolink.insure

 


Contact your local insurance broker



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