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 Executive Director 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 licensed brokers and associates who the brokerage authorizes to deal in mortgages on the brokerage’s behalf, employees and former industry members 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.

Here is a current list of approved providers. Click to expand for contact information.


Contact your local insurance broker


Contact your local insurance broker


Program Name

Alberta Mortgage Brokers Association (AMBA) E&O Program

Broker

PROLINK Insurance Group Inc. 
www.LMS.CA/AMBA
1-800-663-6828

Contact

Peter McCabe
1-800-633-6828 ext 7730
AMBA@LMS.CA

 


Program Name

Mortgage Brokers Professional Liability Insurance Program

 

 

 

 

 

Broker

Metrix Professional Insurance Brokers Inc.
1500 – 1166 Alberni Street
Vancouver, BC V6E 3Z3
1-800-690-7475
Fax 604-683-8032

Renfrew Insurance Ltd.
300, 334 – 11 Ave SE
Calgary, AB   T2G 0Y2

 

Contact

Harold Lewington, Account Executive
604-629-2679
hlewington@mpib.com
Jessica Anderson, Account Executive
604-629-2675
janderson@mpib.com
Philip Schuman, Account Executive
403-216-1914
PSschuman@renfrew-insurance.com
www.renfrew-insurance.com


Contact your local insurance broker


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

Jones Brown Inc.
805-609 Granville Street
Vancouver, BC V7Y 1G5

Contact

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

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


Program Name

Canadian Association of Accredited Mortgage Professionals (CAAMP) Program
RDA Policy: B113514CPBA1383

 

 

Broker

RDA Inc.
290 Rowntree Dairy Rd
Woodbridge, ON   L4L 9J7
Local 905-652-8680, Ext 268
Toll-free 1-800-479-6450
Fax 905-652-8688
www.rdainsurance.com

Contact

Anthony Ambrosino, Commercial Insurance Manager
1-800-479-6450 ext 2247 anthonya@rdainsurance.com
Wally Steven, Account Manager
1-800-479-6450 ext 2388 wallys@rdainsurance.com
Peter Dickson, Account Executive
1-800-479-6450 ext 2239
peterd@rdainsurane.com


Program Name

MTGE-16 Mortgage Brokers Errors & Omissions

 

 

Broker

Go Insurance
16830 – 107 Avenue
Edmonton, AB T5P 4C3
780-448-2298

Contact

Amanda (Jacobs) McBride
amcbride@goinsurance.ca

 


Program Name

Catlin Miscellaneous  Professional Liability Policy

 

 

Broker

LMS Prolink Ltd.

 

 

Contact

Peter McCabe
1-800-663-6828, ext. 7730
peterm@lms.ca
www.lms.ca


Program Name

Independent Mortgage Brokers Association

 

Professional Liability-Errors & Omissions For Mortgage Brokers

 

 

 

Broker

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

GroupAssur

 

 

 

 

Contact

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

Marie-Philippe Lambert, Vice President
Business Development
Phone: 514-861-3014 #10043
1-866-254-4221
Fax: 514-954-1981
marie.phiippe.lambert@groupassur.com

 

 


Program Name

Mortgage Brokers Errors & Omissions-Professional Liability Insurance

 

Broker

Contact your local insurance broker OR
Jones Brown Inc.
805 – 609 Granville Street
Vancouver, BC V7Y 1G5

Contact

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

 

Jones Brown Inc.
805 – 609 Granville Street
Vancouver, BC V7Y 1G5

 

 

Contact

George Ciobanu, Broker
gciobanu@purvesredmond.com

 

 

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

 

 


Program Name

Private Equity Liability Select-Management and Professional Liability Policy: #8435901

 

Broker

BFL CANADA Risk and Insurance Inc.
2200 – 2001 McGill College
Montréal, QC H3A 1G1

 

Contact

Brian Kelly, Vice President,
Team Leader 514-905-1782
bkelly@bflcanada.ca

 



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