1-866-956-5959 assurance@farciq.com

Who must take out insurance with FARCIQ?

Under the Real Estate Brokerage Act, the subscription to the Professional Liability Insurance Fund (FARCIQ) is mandatory for all OACIQ license holders.

I am temporarily suspending my professional activities. Can I be reimbursed for the insurance premium that I paid?

Premiums paid to the Insurance Fund (FARCIQ) are not reimbursed in case of a license suspension. Reimbursements are only made if this license is revoked. Note that the reimbursement is always made to the broker or agency holding the license  according to the standards established in the Short-term Cancellation Table included in the insurance policy.

I passed my OACIQ (Organisme d'autoréglementation du courtage immobilier du Québec) exam. Do I have to contact the Fonds d'assurance?

No. You do not have to contact the FARCIQ as the payment system has been unified with the OACIQ since May 2011. You are thus automatically insured when your brokerage license is issued to you.

If, as a new broker, you do not intend to start practicing your profession immediately, you must submit a revocation request with your licensing application to maintain your acquired rights.  You will not be covered by the insurance policy.

I permanently ceased my professional activities and no longer have a valid licence, however, I received a claim for a previous transaction in which I was involved when my licence was valid. What’s will happen?

Under the applicable insurance policy, if the Insured dies or if the Insured’s licence is revoked, or in the event of the dissolution, liquidation or cessation of operations of a corporation or other legal person benefiting from the status of Insured, the coverage offered by this policy as at the date of the cessation of operations shall remain in force indefinitely at no additional cost as long as the Insurance Fund exists. It will apply only to professional activities performed or that should have been performed prior to the date of cessation. This is provided for in the insurance policy under the Warranty extension section

You must therefore inform FARCIQ immediately of this claim in order to benefit from the protections that may be offered to you.

Insurance Policy

What is the coverage offered by the insurance policy?

Subject to the exclusions provided for in the insurance policy,  FARCIQ offers a protection in case of unintentional faults, errors or omissions that may be committed by a Quebec real estate agency or broker  in the course of their professional activities.

For all details of your coverage and premium, please check your current insurance policy.

What is the cost of the insurance premium?

The 9% insurance tax is added to your current policy amount. If the membership in the Insurance Fund (FARCIQ) takes place after May 1, the premium will be calculated based on the number of months remaining between the policy effective date and the policy expiry date. This premium is charged by the OACIQ when your first licence is issued or renewed.


What is a claim?

A claim is any verbal or written request received by an insured (broker and/or agency) for monetary compensation ($) or any fact or circumstance that could reasonably lead to a demand for monetary compensation pertaining to damage covered under this policy.

Remember that if you receive an email, a call, a formal demand or any proceedings suggesting that you are liable for damage due to a fault, error or omission in the course of your professional activities, it is essential that you discuss the matter with your agency executive officer and report it to FARCIQ.

What are my obligations in the event of a claim?

The Insured must report the claim to FARCIQ as soon as possible while the policy is in force. The Insured must also cooperate with FARCIQ at all times, either by:

  • immediately sending a copy of any notices, formal demands and proceedings pertaining to the claim;
  • cooperating with FARCIQ in investigating, settling or defending the claim;
  • sending all required records and information.

Upon the Insurer’s request, the Insured must assist the Insurer in exercising any recourse against any third party responsible for the damage.

Does the Insured have a deductible to pay?

When a settlement is reached or if the Insured is found guilty, FARCIQ has the right to obtain payment of the applicable deductible. The amount of the deductible and the terms of reimbursement are provided for in the insurance policy.

I received a formal demand. What shall I do?

You must warn the Fonds d’assurance immediately. You must also avoid acknowledging any liability, making any settlement or incurring any costs without the consent of the Fonds d’assurance (FARCIQ).

I don't know if this is a situation I should report to FARCIQ. What shall I do?

Just to be on the safe side, warn the Fonds d’assurance in writing at assurance@farciq.com.


Can I get a tax receipt or proof of deductible payment?

The Insurance Fund does not issue tax receipts. Since the Fund’s invoice is unified with that of the OACIQ, the receipt is available in My record on synbad.com.