2020 Insurance Renewal

2020 Professional Liability Insurance Renewal

MyWeb Insurance Payment Guide
MyWeb Insurance Payment Guide: Broker of Record


Insurance Invoice

This year’s Insurance Invoice

The total cost of insurance, including taxes and expenses is $475 for the 2020-2021 policy period. Payments are due by August 14, 2020. A copy of your invoice is available on your MyWeb dashboard at https://myweb.reco.on.ca.

Is RECO mailing insurance invoices?

No. RECO is modernizing the insurance collection process and reducing administration costs to registrants with the introduction of digital invoices. Invoices will not be sent by regular mail. Registrants can obtain a copy of their insurance invoice using MyWeb.

Your invoice will be available in MyWeb. Log into your MyWeb account to obtain a copy of your invoice, make your insurance payment, obtain a copy of your insurance certificate and receipt (within ten business days after your payment has been made) and update your profile ensuring RECO has the right email address to provide services to you during the pandemic.

MyWeb

Why must you pay your insurance fees on MyWeb?

MyWeb is the safest, most convenient way to pay your insurance, using a secure network that is accessible 24-hours a day, seven days a week. You can make your payment at a time that is most convenient for you.

MyWeb is also where you may download your invoice, as well as your insurance certificate and receipt for income tax purposes within 10 business days after your payment has been made.

Can I pay by cheque?

Cheques and Money Orders mailed to RECO’s offices are currently being processed once a week. Cheque or Money Order payments must be received by August 4, 2020 or RECO cannot guarantee payment processing. RECO’s offices are currently closed to visitors and staff are working remotely, all registrants are encouraged to make their payment using MyWeb. Payments are accepted by Visa or MasterCard (credit, debit, pre-paid or gift cards with limits allowing full payment).

Paying through MyWeb is the safest, most convenient way to pay your insurance. MyWeb is a secure network that provides 24-hour access, seven days a week, so you can make your payment at a time that is most convenient for you.

I forgot my MyWeb password, how do I regain access to MyWeb?

If you can’t remember your password, click on the “Forgot Password?” link 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 or trash folders if you haven’t received it yet. 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.

How do I set up a MyWeb account?

Create a MyWeb account by visiting https://myweb.reco.on.ca. It’s free and easy to use.

1. Click on the “Sign Up” button of the main login page.

2. You will need to enter the following information: 

    • your first and last name
    • your RECO registration or file reference number
    • the email address on file with RECO (your email address must match the email address provided on your registration application)
    • a password that you create (your password must contain at least 8 characters, and must have a combination of uppercase and lowercase letters, numbers and a special character like ! or @)
    • your date of birth 


3. Click on the “SUBMIT” button.

RECO will automatically email you a confirmation notice with an account activation link. Check your junk, spam or trash folders if you haven’t received it yet. It may take up to 30 minutes to be received.

Click on the link and you will be returned to the MyWeb sign in page where you can enter your email address or registration number and password and start using MyWeb.

Your email address or your registration number will become your MyWeb login ID.

I signed up, but did not receive a confirmation email from RECO. How do I contact RECO for assistance?

Please check to see if the email is in your junk, spam or trash folders first. If you still haven’t received an email, you may click “Resend Activation Email” under “Forgot Password?” and enter your email address in the field provided.

Check your junk, spam or trash folders if you haven’t received it yet. It may take up to 30 minutes to be received.

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, send an email to CS@reco.on.ca.

How can I retrieve a copy of my insurance invoice, certificate or receipt for income tax?

Your insurance invoice, certificate and receipt for the current insurance term will be available in the Insurance section on MyWeb. Note that the certificate and receipt for income tax purposes will be available within 10 business days after your payment has been made. The documents are in PDF format.

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.
    • Contact 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 “My Employees” tab located on the left side 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 CS@reco.on.ca RECO the details of your payment for investigation. Include your RECO registration number or file reference number, full name and address, the date and method of your payment, the first 4 and last 4 digits of your credit card number or potentially a copy of the front and back of your cancelled cheque.
    • 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

 

Does RECO accept cash payments for participation in the professional liability program administered by RECO?

No. Cash payments not accepted for insurance program payments at RECO.

How do I obtain a refund in the event of a duplicate insurance payment?

    • Email CS@reco.on.ca the details of your payment for investigation. Include your RECO registration number or file reference number, full name and address, the date and method of your payment, the first 4 and last 4 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.
    • RECO will issue cheques to refund duplicate payments not made by credit card. Refund cheques take a minimum of eight weeks from the completion of the renewal payment process.

 

New & 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, 2019 – Aug. 31, 2020 term and one is for the annual insurance term from Sept. 1, 2020 – Aug. 31, 2021, both days inclusive.

As insurance is a requirement of registration under REBBA 2002, 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?

There is no provision under the Real Estate and Business Brokers Act 2002 that permits a “parked” or “non-active” registration status. You must either be registered to trade in real estate – which involves renewing your registration every two years, fulfilling all education requirements and paying your yearly insurance renewal fee – or you may choose to terminate your registration. If you are planning to leave the business consider terminating your registration prior to renewing your insurance policy because insurance payments are non-refundable.

Have your broker of record or branch manager complete the termination process for you on MyWeb prior to August 14, 2020 to avoid becoming part of suspension process. See RECO’s website for further details.

If you decide to return to your career in the real estate profession, you have 24 months from the date of termination to reinstate your registration. You will be required to complete your educational requirements, submit an “Application for Reinstatement: Broker/Salesperson” form, found on RECO’s website, 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).

Reviving Your Registration

How do I revive my registration?

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. A notice of the revival of your registration will be sent to your attention and the attention of your broker of record by email.

Registrants wishing to revive their registrations in the months of July and August will be required to pay the insurance amount owing for the insurance policy term ending midnight August 31 plus the annual renewal premium for the following September 1 to August 31 insurance term, both days inclusive. This prevents reviving registrants from being suspended for non-payment of insurance premium during the insurance renewal process.