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Changing Offices??
The Commission is finding quite a few licensees who have changed companies where the former offices provided E&O insurance but the new offices don’t -- and these agents are often unaware they don’t have the required coverage until an E&O audit occurs.
It is a requirement that active licensees maintain E&O insurance coverage. Failure to do so results in a civil penalty fine starting at $100. Please make sure you are continuously covered if you change offices. Contact the Commission if you aren’t sure, and visit www.risceo.com to purchase the group E&O insurance.
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Errors & Omissions Insurance Renewal Time!
Renewal notices for the group E&O insurance policy through Rice Insurance Services will be sent out in August. Please watch for your renewal packet to arrive at your business address in the next couple of weeks. You can also renew online at www.risceo.com. Remember, the Rice E&O insurance coverage must be renewed by the October 1 deadline. If you renew late, you will be subject to a civil penalty fine starting at $100; fines are double for a second offense. NO EXCEPTIONS!
Designated Brokers, Check CE and E&O for Your Agents Online!!
Registering a user name and password for IREC’s online services allows DBs to view the CE records and E&O status for every licensee in the office through www.IREC.idaho.gov. DBs, we would appreciate your assistance in motivating your agents to renew E&O insurance on time. Practice risk reduction in your office – make sure all of your agents are in compliance with the E&O requirements! Please contact us if you need help signing up or using the online services.
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