The renewal of the professional liability insurance, administered by RECO, is due by August, 23, 2024. This year’s annual payment is $500 - unchanged since 2022.
Your registration and professional liability insurance is a requirement of registration with RECO. If you are not insured, you cannot trade in real estate in Ontario.
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Frequently asked questions
What does the professional liability insurance program administered by the Real Estate Council of Ontario cover?
The professional liability insurance program administered by RECO provides Errors and Omissions, Commission Protection, and Consumer Deposit insurance coverage relating to the trade in real estate. Participation in the program is a requirement for registration under the Trust in Real Estate Services Act, 2002 (TRESA). The insurance term is a one-year cycle starting September 1 until August 31. The annual insurance fee plus applicable taxes for the September 1, 2024, to August 31, 2025, insurance term is $500 per salesperson or broker, the same price as last year.
This program does not include personal lines insurance such as home, auto, or wellness insurance programs.
You can learn more about the program by reading About the professional liability insurance program administered by RECO.
Insurance invoice for the 2024-2025 policy period
This year’s annual payment is $500 per registrant and it is due by August 23, 2024. A copy of your invoice is available on your MyWeb dashboard.
Making your insurance payment
How can I make my payment?
Payments can be made online through MyWeb – a fast, easy and secure system. We accept Visa and MasterCard for the full amount. AMEX, cheques, and money orders are not accepted. Your broker of record or branch manager can make a payment on your behalf on MyWeb. You can obtain a copy of your insurance invoice, insurance certificate, and receipt on MyWeb. Please note that insurance payments are non-refundable and RECO does not accept payments by phone.
To help you make your insurance payment, read the MyWeb User Guide. (PDF)
For more information, please email CS@reco.on.ca.
Can I pay by cheque?
Cheques or money orders are not accepted. Please make your payment online through MyWeb.
Can I make a payment at the RECO office?
No. Payments can only be made online through MyWeb. We accept Visa and MasterCard for the full amount. AMEX, cheques, and money orders are not accepted.
I forgot my MyWeb password. How do I regain access?
If you can’t remember your password, please click “Forgot Password?” on the MyWeb login page. You will need to provide the email address on file with RECO. Upon receipt of this information, you will be sent a link where you can reset your password. Check your junk, spam, and trash folders if you haven’t received it. It may take up to 30 minutes to be received.
Note: Your password reset link will be sent to the email address on file with RECO. If you have changed your email address, please contact CS@reco.on.ca to have your email address and password updated.
I received an error message while my payment was being processed. How do I determine if RECO received the payment?
Log out of your MyWeb account, then log in again to check for outstanding fees. The system may be experiencing a high volume of transactions, delaying your payment status notification. You may also wish to check your credit card statement. Some banks may use a slightly different reference name for RECO. If you continue to experience error messages or other technical difficulties, please send an email to CS@reco.on.ca.
How can I download a copy of my insurance invoice, certificate, and receipt for my income tax purposes?
Your insurance invoice, certificate, and receipt for the current insurance term will be available under the insurance section on your MyWeb dashboard. The documents are in a PDF format.
What happens if I don’t make my insurance payment?
If you do not make your payment by the due date, you will be included in the suspension process and must pay an additional $35 administrative fee to cover some of the costs associated with the administration expenses that are incurred when addressing overdue payments. If no payment has been received before September 1, your registration will be suspended, and you will not be eligible to trade.
Brokerages with brokers of record and sole proprietors whose registrations are suspended due to non-payment of insurance may result in the immediate suspension of their brokerage, followed by a proposal to revoke their registrations. Employees at the brokerage or of sole proprietors will have their registrations suspended and will be advised that they must cease trading.
Payment status
How do I check the status of my payment for participating in the professional liability program administered by RECO?
- Log in to MyWeb using your email address or registration number as your login ID. You can view your payment status on your dashboard under the insurance section.
- Check online with your bank or credit card company to see if your payment has been processed.
As broker of record, how do I check the status of my employee’s payment for participation in the professional liability program administered by RECO?
- Log in to MyWeb and click on the “Employees” tab located at the top of the screen.
- You can sort your employee list by insurance payment status, registration expiry date, and registrant’s name.
What should I do if RECO does not appear to have received my insurance payment?
- Log in to MyWeb. You can view your insurance payment status on your dashboard under the insurance section.
- Contact your bank or credit card company to see if your payment has been processed.
- Contact your broker of record to determine if a payment was made on your behalf.
- Email the details of your payment to RECO at CS@reco.on.ca for investigation. Include your RECO registration number, file reference number, full name, address, date of payment, payment method and the first four and last four digits of your credit card number.
- If your payment did not go through, submit a new payment. Payment processing is RECO’s priority during the renewal process. Your payment difficulties will be resolved at the earliest opportunity.
Note: Payments are not accepted by telephone.
How do I obtain a refund in the event of a duplicate insurance payment?
- Email the details of your payment to RECO at CS@reco.on.ca for investigation. Include your RECO registration number, file reference number, full name, address, date of payment, payment method and the first four and last four digits of your credit card number.
- Due to the high volume of insurance transactions, duplicate payments may not be refunded until completion of the renewal payment process.
- A duplicate payment will be refunded to the same credit card used for the transaction.
New and reinstating applicants/leaving the business
Why do some new and reinstating applicants receive two invoices?
New and reinstating applicants may receive two invoices: one is a pro-rated amount for the remainder of the Sept. 1, 2023 – Aug. 31, 2024 term and one is for the annual insurance term from Sept. 1, 2024 – Aug. 31, 2025.
As insurance is a requirement of registration under TRESA, and therefore of your ability to trade in real estate in Ontario. Your application for registration cannot be completed until all insurance amounts have been paid. This prevents new and reinstating applicants from being suspended for non-payment of insurance amounts during the insurance renewal process.
Can I “park” my registration so I don’t have to make an insurance payment or take the mandatory continuing education courses?
No provision under TRESA permits a “parked” or “non-active” registration status. You must be registered to trade in real estate in Ontario, which involves: renewing your registration every two years, fulfilling all education requirements, and paying your yearly insurance renewal payment. If you do not fulfill these requirements, your registration will be terminated. If you plan to leave the business, consider terminating your registration before renewing your insurance policy. Insurance payments are non-refundable.
Have your broker of record or branch manager complete the termination process for you on MyWeb prior to August 23, 2024, to avoid becoming part of the suspension process. See RECO’s website for further details.
If you decide to return to your career in real estate, you have 24 months from the date of termination to reinstate your registration. You will be required to complete your educational requirements, submit a “Reinstatement Salesperson Registration Application” or “Reinstatement Broker Salesperson Application” found in the “online applications” section on MyWeb, and pay the prescribed registration and insurance fees.
Insurance payments are non-refundable because, after September 1, the insurer considers the insurance payment earned, partly because your Errors and Omissions insurance policy continues to cover you, at no extra cost, from the date of your leaving the business for claims resulting from activities while you were registered (subject to the terms of the insurance policy
If your registration is suspended or you cease to be registered with RECO for any reason, your insurance coverage immediately lapses. You are not covered under the professional liability insurance program while your registration is suspended or terminated.
Reviving your registration
How do I revive my registration in the event it is suspended by missing the deadline for payment?
To revive your suspended registration, you will be required to pay the outstanding insurance amount. Upon payment, your registration will be revived for the unexpired balance of your registration cycle. Your registration renewal date will not change.
Registrants wishing to revive their registrations in July and August will be required to pay the insurance amount owing for the insurance policy term ending midnight on August 31 plus the annual renewal premium for the following September 1 through August 31 insurance term. This prevents reviving registrants from being suspended for non-payment of insurance premiums during the insurance renewal process.
