According to our research*, real estate is one of the riskiest areas of law. As a practicing real estate legal professional, you navigate risk on a daily basis. During the course of your career, you may be faced with an errors and omissions claim, perhaps even after you retire. That’s why it’s mandatory to have errors and omissions insurance.
You take all the necessary precautions, however if you’re faced with a claim, using your errors and omissions coverage can be expensive, regardless of whether or not you are at fault.
That is, unless you are protected by FCT’s E&O Suite of Products – find out which one is best suited for your needs and register online.
| Prime Protection Package | |||
| Compare E&O Suite of Products | E&O Extra™† | E&O Complete† | Deal Protection Endorsement† |
| FCT title insured purchase and refinance transactions | |||
| Commercial transactions ¹ | |||
| Reimbursement of mandated policy deductible/surcharges | |||
| Up front settlement | |||
| Reimbursement coverage limits | $30K per transaction $90K lifetime | $30K per transaction $90K lifetime | |
| Upfront coverage limits | $10K per year / 3 claims $90K lifetime | Title insurance policy limit | |
| Non-title insured vendor and borrower only | |||
| Insured | Lawyer/Notary | Lawyer/Notary | Property owner/Lender*** |
| Premium (provincial taxes apply) | $0 per year ($400 with 100% discount) | $700 per year | Variable, see below |
| E&O Extra™† | E&O Complete† | Deal Protection Endorsement† | |
| Compare E&O Suite of Products | E&O Extra™† |
| FCT title insured purchase and refinance transactions | |
| Commercial transactions | |
| Reimbursement of mandated policy deductible/surcharges | |
| Up front settlement | |
| Reimbursement coverage limits | $30K per transaction $90K lifetime |
| Upfront coverage limits | |
| Non-title insured vendor and borrower only | |
| Insured | Lawyer/Notary |
| Premium (provincial taxes apply) | $0 per year ($400 with 100% discount) |
| E&O Extra™† | |
| Compare E&O Suite of Products | E&O Complete† |
| FCT title insured purchaseand refinance transactions | |
| Commercial transactions | |
| Reimbursement of mandated policy deductible/surcharges | |
| Up front settlement | |
| Reimbursement coverage limits | $30K per transaction $90K lifetime |
| Upfront coverage limits | $10K per year / 3 claims $90K lifetime |
| Non-title insured vendor and borrower only | |
| Insured | Lawyer/Notary |
| Premium (provincial taxes apply) | $700 per year |
| E&O Complete† | |
| Compare E&O Suite of Products | Deal Protection Endorsement† |
| FCT title insured purchaseand refinance transactions | |
| Commercial transactions | |
| Reimbursement of mandated policy deductible/surcharges | |
| Up front settlement | |
| Reimbursement coverage limits | |
| Upfront coverage limits | Title insurance policy limit |
| Non-title insured vendor and borrower only | |
| Insured | Property owner/Lender*** |
| Premium (provincial taxes apply) | Variable, see below |
| Deal Protection Endorsement† | |
Deal Protection Endorsement Premium
Residential
| Transaction type** | Premium |
| Purchase with two policies | $25.00 |
| Purchase with one policy | $20.00 |
| Refinance with one policy | $10.00 |
| Any additional policy | $5.00 |
Commercial
| Transaction amount ¹ | First policy premium | Each additional policy premium |
| Up to $250,000 | $50.00 | $10.00 |
| Over $250,000 to $500,000 | $75.00 | $15.00 |
| Over $500,000 to $2,000,000 | $100.00 | $20.00 |
| Over $2,000,000 to $5,000,000 | $125.00 | $20.00 |
| Over $5,000,000 to $10,000,000 | $150.00 | $25.00 |
| Over $10,000,000 to $20,000,000 | $200.00 | $30.00 |
| Over $20,000,000 to $30,000,000 | $250.00 | $35.00 |
| Over $30,000,000 to $40,000,000 | $300.00 | $40.00 |
| Over $40,000,000 to $50,000,000 | $350.00 | $45.00 |
| Over $50,000,000 | $400.00 | $50.00 |
For more information on our E&O suite of products please contact us:
Phone: 1.866.804.3122
Email: moreprotection@fct.ca.
*Source: https://www.cba.org/Publications-Resources/CBA-Practice-Link/Young-Lawyers/2016/insurance
** Deal Protection Endorsement is not available for existing homeowner policies.
*** In British Columbia, lawyers and notaries are the insured.
†Refer to the applicable policy or endorsement for definition.
¹ Coverage for commercial transactions is capped at the lesser of the amount insured under the policy or $5 million.
We are required, under the Registered Insurance Brokers Act, to make certain disclosures to you. If you wish to review those disclosures, you may do so at https://fct.ca/legal/
Insurance by FCT Insurance Company Ltd, with the exception of commercial policies. Subject to certain exceptions, commercial title insurance policies equal or below $10M CAD are provided by FCT Insurance Company Ltd. Commercial title insurance policies above $10M CAD are provided by First American Title Insurance Company. Services by First Canadian Title Company Limited. The services company does not provide insurance products. This material is intended to provide general information only. For specific coverage and exclusions, refer to the applicable policy. Copies are available upon request. Some products/services may vary by province. Prices and products/services offered are subject to change without notice.
®Registered Trademark of First American Financial Corporation.