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 |
Contact
Amy Huncar, Account Executive Rob McLeod, Account Executive Warren McDonald, Account Executive Jessica Anderson, Account Executive Maeve Griffin, Account Administrator |
| 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
Arthur J. Gallagher Canada Limited |
Contact
Monica Woldring
Alexa Magarrell Bill Semrau |
| Program Name
Mortgage Professionals of Canada |
Broker
RDA Inc. |
Contact
Peter Dickson, Account Executive Daniel Gong, Account Manager |
Contact your local insurance broker
| Program Name
Independent Mortgage Brokers Association |
Broker
Aon Reed Stenhouse Inc. |
Contact
Cheryl M. Holmes, Vice President |
| Program Name
Mortgage Brokers Professional Liability Insurance Program |
Broker
Axis Insurance |
Contact
Kissanya Arbuckle, Account Executive Rob McLeod, Account Executive Warren McDonald, Account Executive Jessica Anderson, Account Executive Maeve Griffin, Account Administrator Michael Fan, Account Executive |
| Program Name
Professional First Bankers Professional Liability Policy |
Broker
Contact your local insurance broker |
Contact
Andrew Knight 647-846-7846 |
| Program Name
Mortgage Brokers Errors & Omissions-Professional Liability Insurance |
Broker
Contact your local insurance broker OR |
Contact
Leslie Ducommun, Client Manager |
| 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
Arthur J. Gallagher Canada Limited |
Contact
George Ciobanu, Broker
Alexa Magarrell Bill Semrau |
| Program Name
Alberta Mortgage Brokers Association (AMBA) E&O Program |
Broker
PROLINK Insurance Inc. |
Contact
Andrew Spencer |
Contact your local insurance broker
