FICI
The Real Estate Indemnity Fund offers free protection to consumers who deal with a broker or agency and who are victims of fraud, fraudulent tactics, or misappropriation of funds in the course of a transaction. The maximum amount of indemnity that can be paid is $100,000. If the facts occurred before May 10, 2018, the maximum amount of indemnity that can be paid is $35,000. Any claim must be filed within two years following knowledge of the alleged act.
FARCIQ
FARCIQ offers protection in case of unintentional fault, error or omission committed by policyholders, broker or agency, in the course of their professional activities. For one’s professional liability to be at stake, the following criteria must be met:
- FAULT: an unintentional fault, error or omission was committed by an insured;
- DAMAGE: a financial loss was sustained by the claimant; and
- CAUSAL LINK: the financial loss was caused by the insured’s fault, error or omission.
Note that there are, however, various factors including defences that may influence the professional liability assessment. In addition, professional liability and ethics are quite distinct. Therefore, violating ethical rules does not necessarily result in monetary compensation. Please visit FARCIQ’s website at farciq.com.
You must prove the amounts you are claiming by attaching supporting documents such as schedules, documents describing the building, bids or estimates, invoices, e-mail exchanges, etc. Be sure to keep the originals of these supporting documents.