1. Effective April 1, 2018 to April 1, 2019
Indemnity Plan RE0418
Effective April 1, 2018 to April 1, 2019
Today we’ll look at how to prevent some common things can go wrong when you draft subject clauses, and how to prevent them.

2. Indemnity Plan RE0418 The Indemnity Plan:
Provides coverage to protect licensees against liability for errors and omissions in the performance of professional duties.

3. Indemnity Plan RE0418 Your coverage:
Provides a maximum of $1 million per claim
Includes the cost of defence costs and deductibles

4. Indemnity Plan RE0418 Your premiums: Cost $350 per year
Are payable every two years with licence renewal
Have not changed since 2011
Licensees should pay close attention to the way subject clauses are drafted.

5. Indemnity Plan RE0418 Your deductible: Is $2,000 per licensee
Is payable only if a claim has been paid out on your behalf
Licensees should pay close attention to the way subject clauses are drafted.

6. Indemnity Plan RE0418 Your coverage:
Continues after your licence is terminated
Licensees should pay close attention to the way subject clauses are drafted.

7. Indemnity Plan RE0418
There are some exclusions to coverage, including:
Fraud
Bodily injury
Buying or selling your own property
Claims for commissions/fees
Council fines, sanctions or penalties
Licensees should pay close attention to the way subject clauses are drafted.

8. Indemnity Plan RE0418 Questions about your coverage?
Check out the FAQ page on the E&O website (password: eno)
Licensees should pay close attention to the way subject clauses are drafted.

9. Indemnity Plan RE0418 Interested in learning more about E&O?
Residential and Commercial Legal Update 2018 includes “E&O Indemnity Plan – Being Informed about your coverage”
Licensees should pay close attention to the way subject clauses are drafted.

10. Indemnity Plan RE0418
Report claims or potential claims to E&O immediately – delay in reporting may mean coverage is denied
Don’t admit liability
Licensees should pay close attention to the way subject clauses are drafted.

11. Indemnity Plan RE0418 If you think you’ve made a mistake:
TALK TO YOUR MANAGING BROKER
Your first source of information and advice
Licensees should pay close attention to the way subject clauses are drafted.

12. Questions?
Thank you.
Does anyone have any examples or tips they’d like to add?
Are there any questions about anything covered in the presentation?
Thanks for your attention!