Every mortgage brokerage must have E&O insurance that includes coverage for fraudulent acts up to a minimum of $500,000.00 for any one occurrence and $1million for all occurrences during a 356 day period.
A brokerage must notify FSCO immediately if the E&O insurance maintained by a brokerage is cancelled or not renewed. Failure to comply with this requirement may result in $1000.00 penalty.
Real Mortgage Associates will subscribe to an Errors and Omissions policy in compliance with the MBLAA 2006. Coverage will remain in force of all times.
The Compliance Officer will advise the insurer of any new agents being hired or any agents or brokers leaving the firm as required in the policy.
Proof of insurance will be available to FSCO upon request. Please use the form below.
Errors and Omissions Insurancermanet2017-07-27T16:23:10+00:00
[Reg. 188,s.42]