REIX: Real Estate Insurance Exchange - Alberta, Saskatchewan

We’re a non-profit organization which means that premiums are used to pay the costs of defending claims and surplus funds are used to keep premiums low.

About REIX

This site is for general information only and is intended only to assist real estate industry members. Please contact REIX directly to find out further information about your insurance coverage. 

Background

The Real Estate Insurance Exchange (REIX) came into existence in 1991 and has, since that time, provided mandatory professional liability insurance coverage to all real estate industry professionals trading in real estate in Alberta and Saskatchewan. Participants in REIX are called “subscribers”. Our mission is to provide financial protection to our subscribers by administering a cost effective and efficient mandatory Errors and Omissions insurance program. Our goal is to provide superior service to our subscribers and to keep the claims cost to a minimum without sacrificing fair and reasonable settlements to legitimate claimants.

Who administers REIX?

REIX is administered by an Advisory Board comprised of subscribers to REIX. The Advisory Board annually appoints Committees, including a Claims Committee which provides oversight of claims that meet a certain dollar threshold.

How is REIX funded?

The insurance premium is reviewed and established annually by the Advisory Board and is collected from each subscriber in conjunction with the licensing and registration process which occurs yearly on October 1st for Alberta subscribers and July 1st for Saskatchewan subscribers.

What is the purpose of the insurance and what does it cover?

scales of justiceErrors and omissions liability insurance enhances the professional image of the industry. It protects real estate practitioners and, indirectly, consumers, from financial losses due to claims relating to an error or omission, or a negligent act arising out of a trade in real estate. For professionals, often the most valuable protection offered by insurance is defence coverage. REIX provides defence coverage whether a claim results in a payment of damages or not.

Subscribers are required to pay a deductible of $5,000 deductible for the first claim in a policy year; subsequent claims filed within a 36-month period are subject to a $10,000 deductible.

How does self-insurance benefit the industry?

Self-insurance allows the industry to control its own destiny through risk management, claims resolution and loss information. REIX is a strong proponent of risk mitigation and works proactively with brokers and industry professionals to reduce claims.

Multi-Factor Authentication on your business email account

If you already need a separate passcode (e.g. a code texted to your cell phone) to access your email  for the first time on a new device, or to view it on the web, then you already have this.

This will close in 0 seconds

Weekly backups for your business computer systems

Your computer systems, such as your PC and your phone, contain mission-critical data on them – regular backups are a simple and effective way to ensure disruptions to you and your clients are minimized in the event disaster strikes.

This will close in 0 seconds

Firewalls on your internet access

Almost all internet connections have a firewall built in to prevent people from freely accessing your home or business network, or worse, your computer’s files.  You most likely already have this in place, but we encourage you to familiarize yourself with the key piece of security equipment.

This will close in 0 seconds

Endpoint Protection (a.k.a. anti-virus)

An up-to-date endpoint protection software is key to keeping your PC safe from viruses – it’s simple to install and may already have it included free with your computer (e.g. Windows Defender). It scans files, emails, and more to make sure nasty viruses and code to infect your PC.

This will close in 0 seconds

Security and Privacy Liability

Provides coverage, including legal expenses and damages, for any claim made against you for any actual or alleged breach of privacy, damage to the computers or systems others, unauthorized disclosure of data, and more, arising out of your professional services.

This will close in 0 seconds

Data Recovery and Loss of Business Income

a) Pays for the expenses related to investigate, repair, and manage a cyber event, including but not limited to: damage and interruption by a computer virus or malicious code, accidental damage or destruction of data, and malfunctions.

b) Reimburses you for lost income as a result of a cyber event – subject to an 8 hour waiting period.

This will close in 0 seconds

Event Management Expenses

Covers the costs associated with a breach of your systems to ensure you meet the requisite privacy legislation requirements – including notification costs as well as credit monitoring and other support for affected clients.

This will close in 0 seconds

Data Extortion

Provides services and coverage for expenses related to cyber extorsion threats (e.g. ransomware) – including the costs to manage the event and, where necessary, pay the ransom.

This will close in 0 seconds

Social Engineering Fraud

This is coverage for your clients – it covers them for lost deductibles as a result of somebody using your identity and business relationship as part of a real estate deal to convince them to send their deposit to the wrong place.

This will close in 0 seconds

Security and Privacy Liability

Covers legal expenses and damages for any claim made against you for breach of privacy, damage to the computers or systems of others, unauthorized disclosure of data, and more, arising out of your professional services.

This will close in 0 seconds

Data Recovery and Loss of Business Income

Pays for expenses related to investigating, repairing, and managing a cyber event, and reimburses you for the income lost due to the event.

This will close in 0 seconds

Incident (Event) Management Expenses

Covers costs associated with ensuring you meet the requisite privacy legislation requirements post-incident — including notification costs, credit monitoring, and other support for affected clients.

This will close in 0 seconds

Data Extortion

Provides services and coverage for expenses related to cyber extortion threats (e.g. ransomware) — including costs to manage the event and if necessary, pay the ransom.

This will close in 0 seconds

Social Engineering Fraud

Covers the actions of third parties who fraudulently cause the diversion of deposit funds from a real estate trade.

This will close in 0 seconds

Multi-Factor Authentication (MFA):

Multi-step account login process that requires users to enter more information than just a password, like a code sent to their email or phone.

This will close in 0 seconds

Weekly Backup:

Copies your files to a safe secondary location for preservation in case of equipment failure or cyber incident.

This will close in 0 seconds