Insurers that are interested in offering E&O insurance to mortgage brokerages and administrators that meet the Superintendent's requirements should refer to FSCO's E&O Guidelines Size: 47 kb
. The E&O Guidelines outline the minimum requirements that each E&O policy provider must offer, in addition to certain acknowledgements and undertakings, in order to be approved by the Superintendent.
If any additional insurers qualify for recognition under the guidelines, FSCO will promptly notify the mortgage brokering industry of these new providers through its Mortgage Broker e-Info Newsletter and/or this website.
Insurance Providers Whose E&O Policies are Approved
Mortgage brokerages and administrators must obtain E&O insurance from an insurance company on FSCO's list of insurance providers Size: 40 kb
. Please note, insurers have requested that all E&O inquiries be made directly to their representing insurance brokers.
Important Information for the Real Estate and Insurance Industries
Please be aware that the Real Estate Council of Ontario's (RECO) E&O insurance policy for registered real estate brokers does not cover mortgage brokerages, administrators, brokers or agents. In addition, businesses or individuals that have E&O insurance under the Registered Insurance Brokers Act or the Insurance Act (e.g., as an insurance broker or agent) are not covered for mortgage brokering or administration.
Therefore, you must obtain separate coverage for your mortgage brokerage activities from one of the providers listed, even if you already have other E&O coverage through RECO or are covered for your insurance agent/broker activities.