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.
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?
Errors 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 $3,500 deductible for the first claim in a policy year; subsequent claims filed within a 36-month period are subject to a $7,000 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.