Clarification on Liability Insurance (Errors &Omission Insurance)
All Montana licensed real estate brokers and salespersons are required to maintain continuous professional liability insurance coverage, commonly known as errors and omissions insurance, effective November 1, 2020. Commercial general liability insurance is NOT required by Montana law.
Errors and omissions coverage may be obtained through a policy issued to the licensee or through a policy held by the firm with which the licensee is associated. In addition, coverage may be obtained through a group policy issued to the Board of Realty Regulation.
Policies must meet minimum standards: https://leg.mt.gov/bills/mca/title_0370/chapter_0510/part_0030/section_0250/0370-0510-0030-0250.html. If you are unsure if your current coverage meets the minimum standards, please consult your insurance provider.
For questions about this requirement, please contact the Board of Realty Regulation at (406) 444-6880 or DLIBSDRRE@MT.GOV.