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What is the RealProSure Insurance Program?

This is a Commercial General Liability Insurance Policy for Canadian Real Estate Professional that can be set up for individual Brokers and Agents requiring Insurance Protection while working for a Real Estate Brokerage. A General Liability Insurance Policy will respond to defend, investigate and settle claims for damages caused by a negligent act that results in property damage or bodily injury to a third party. These types of claims are not covered by REIX. The claim doesn't have to have any merit; but still has to be defended. The Liability Insurance policy will fund these costs, as well as funding the hold harmless and indemnity provisions in the agency agreement entered in to with a typical brokerage by each associate. Property can also be added to these policies for an additional premium to protect your office contents in your home or Brokerage office, or even while you are away from your office.
 
A Commercial General Liability & Property Package is also available for Canadian Real Estate Brokerages who want to Liability Insurance for their Brokerage along with their associates. Click on Brokerage program link below to find out how to protect your Brokerage along with all of your associates.
 
 

Why do I need RealProSure Insurance?

The agency contract with a brokerage normally requires an associate to have this kind of Liability insurance in place. That said, a reasonable and prudent person who is in business for themselves needs to manage their risk, and ensure that there are funds to respond if claim is brought and a defense is needed. Personal assets are at risk; this Insurance policy is designed to protect those assets. The corporations many agents have set up to flow commissions does not guarantee protection against claims brought personally.
 

What are the benefits of RealProSure Insurance?

Toole Peet Insurance has partnered with Intact Canada to provide polices for independent Agents and brokerages across Canada. The policy is managed for the industry members by Toole Peet Insurance resulting in a cost saving that is passed along directly to the Real Estate agent and Brokers. It is written to eliminate any confusion about who is an insured. The benefits are extended to The independent agents, their professional corporations and any employees they themselves might have, licensed or unlicensed. Claims are usually made against the agent personally, and normally include a claim against the brokerage as well.
 

How much Insurance is Provided by the RealProSure Program?

Commercial General Liability:

$5,000,000 Bodily Injury and Property damage Liability per occurrence
$1000 Property Damage deductible
Coverage extended to office in residence
Open house and missing property coverage
Personal Injury Liability
Advertising Liability
Employers Liability
Contractual Liability
Non-Owned Automobile Liability
Employment Practices Liability
$25,000 Legal Expense per occurrence $50,000 annual aggregate
 
Crime Insurance:
 
Identity Theft Insurance $50,000
Comprehensive dishonesty, disappearance, destruction
and Forgery
 
Employee dishonesty $100,000
Loss of Bank drafts or money orders inside the premises $100,000
Loss of Bank drafts or money orders outside the premises $100,000
Depositors Forgery, bank drafts & money orders $100,000
Counterfeit Bank Drafts $100,000
 

How much does RealProSure Insurance cost?

The typical Insurance Liability Certificate is $200.00 for a 12 month policy term. If you want to insure your office contents in your home or brokerage office, or even while you are away from you office, we can do that for an additional premium as shown below. Larger Member Groups can negotiate discounts based upon participation. Eligible groups include associations, brokerage firms and franchises. Discounted rates are available for large groups.
 

What documentation is provided?

A Master Policy is on file in the offices of Toole, Peet & Co. Limited. A certificate of Liability Insurance is issued on-line to each subscribing industry member naming the Policyholder and their professional corporations and any employees they themselves might have, licensed or unlicensed as Insured's.
 
We can also include coverage for the personal property of the independent associates. A typical homeowner's insurance policy does not include coverage for business personal property in the home or office. There are two options available:
 
Option 1 - Basic Multi-peril Package - $1,000 Deductible, $50 per year:
 
Business Personal Property in the office or home.
 
Office Contents, $20,000
 
Option 2 - Broad Form Office Package, Multi-Peril coverage, $1,000 Deductible, $100 per year.
 
Office Contents - Home or Brokerage Office
Extra Expense Insurance
Off Premises Coverage: Covers Laptops, cell or Blackberry, Camera, Briefcase
Valuable Papers covers cost of replacing or re-issuing important documents
$  20,000
$  10,000
$    5,000
$    5,000
 

Why is Business Liability Insurance necessary? What are the risks?

Here are a few examples...
 
  • A purchaser sues the Industry member because a neighbours' barking dog disturbs the peace of the new home. The Industry member had advertised a well kept home in a quiet neighbourhood.
  • The Industry member forgets to lock up the home after a showing allowing access to thieves or vandals.
  • Someone trips over an Open House sign
  • An Industry member lights a fire in the fireplace at an Open House, failing to ensure the chimney flue was open, resulting in severe smoke damage to the residence.
  • An Industry member agrees to assume responsibility for snow removal for a customer who has moved out of town. An Industry member fails to do so, and a pedestrian slips and falls. The Homeowner sues the Industry member.
  • The signage contractor damages the property in the process of placing a sign for an industry member.
  • Sign blows in to street, striking a vehicle, causes accident.
  • An unlicensed assistant employed by the associate, not the brokerage, causes property damage or bodily injury.
  • An assistant is injured on the job, and sues associate
  • Assistants or associates in 'working alone' situations. Did you consider your risk when you put them out there? Were they warned of the risk and trained to be safe?
  • A vehicle owned by someone working on behalf of the associate or brokerage is involved in an accident and associate and/or brokerage is third partied in to the claim.
  • There have been a few cases like those illustrated above that have resulted in the sellers Homeowners insurers seeking recovery for damage to property allegedly damaged through the negligence of an Industry member.

How do I enroll in the RealProSure Insurance program?

After you have selected an option Click enroll now, make your payment and receive your certificate. Insurance goes into effect the instant the transaction is completed.