Ipro insurance claims are piling up; Reco says that the waiting of agents will be ‘months, not years’

Real Estate Council from Ontario (RECO) says that the insurance program manager who the iPro Realty Ltd. -Handling issue, works on processing the “considerable volume” of the security claims of the agent protection within a few months.

A update On Wednesday released by Reco offers a glimpse into the insurance benefit situation for consumers and agents. In August it was IPRO established in Mississauga forced to close After the discovery of a deficit of $ 10.5 million in his trust account.

The Fall -Out is worrying and confusing for many of the affected.

Since August 29, the insurance program manager has been paying eligible claims for consumer deposits submitted in the context of the Professional Liability Insurance Program. Consumer dumping claims are paid on a rolling basis, in accordance with the data of the transaction closure, RECO said.

The path is not that easy for agent committees. The program manager is currently investigating outstanding claims for the protection of the committee, according to Reco.

“This process is complex, because it must balance the number of claims against the available funds and insurance limits,” is the notification. “Although committee-related claims can sometimes take years to resolve, our goal is not to end the process within a few months.”

Reco said that the correct assessment of claims must be meticulous.

In some cases, it said, transactions seem to have been again assigned to other brokers, what “the process of determining the determination of which claims are valid.”

Reco said it will offer an update within the next eight weeks.

The total amount From insurance coverage for consumer deposits and committees is up to $ 8 million in total ($ 4 million for each) with an extra limit of $ 200,000 per person, per claim (not per transaction), has publicly mentioned.

Real Estate Magazine asked Reco how many claims were filed, to which a spokesperson replied: “Unfortunately we do not have that information available at the moment.”

Interim report not publicly released

Reco also said on Wednesday that the interim report of Dentons Canada LLP, which carries out an independent assessment of the IPRO issue, was shared with Minister of Public and Business Services and Purchasing Stephen Crawford.

The final report must be fell on October 30. Reco said under the direction of Crawford, the findings will be made public after the Ministry has had the opportunity to revise the final report.