Can I purchase additional insurance coverage such as excess insurance or to cover a situation not covered by the RECO Policy?
The Program offers policy limits of $1 Million per claim for Errors and Omissions claims. While this may be sufficient for most registrants, higher limits are available if a registrant feels that additional protection is required. Alternative Risk Services can assist registrants with obtaining optional excess insurance which is available to individual registrants or brokerages upon application. An excess policy may “drop down” to become primary insurance in some situations to provide coverage for some activities that are excluded under the RECO Insurance Program [e.g. property management errors and omissions where a registrant’s percentage of revenue exceeds the permissible 35% or certain activities such as opinions of market value given for the purpose of financing (including those registrants who have the MVA-R designation)]. Premiums for this excess insurance start at $1,500 per policy and increase depending on the scope of services and size of the brokerage. To download an applicat
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- Can I purchase additional insurance coverage such as excess insurance or to cover a situation not covered by the RECO Policy?
