Clarification on Liability Insurance (Errors &Omission Insurance)
All 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. General liability insurance is NOT required.
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 approved by the Board of Realty Regulation. MAR continues to advocate that the board and relevant state agencies take steps to secure a group policy as quickly as possible.
Policies must meet minimum standards: https://leg.mt.gov/bills/mca/title_0370/chapter_0510/part_0030/section_0250/0370-0510-0030-0250.html.
For questions about this upcoming requirement, please contact the Board of Realty Regulation at (406) 444-6880 or DLIBSDRRE@MT.GOV