Have you renewed your IREC group errors & omissions insurance yet? The policy expires at the end of the month and policies must be renewed by Wednesday, September 30, 2020 at 11:59 p.m. in order to avoid Idaho License Law violations and civil penalties and fines.
You have two options to renew your policy:
1. Visit www.risceo.com/states/Idaho to be added to IREC’s group policy. An additional convenience fee will apply to online orders. You can also mail in your renewal paperwork and payments to Rice Insurance Services Company, LLC at P.O. Box 6709 Louisville, KY 40206. All mailed paperwork and payments must be received prior to the September 30th deadline.If you select this option, there is no need to submit any forms as RISC notifies IREC of your coverage.
2. Obtain your own E & O Insurance policy that meets IREC’s minimum E & O policy requirements. You are responsible for ensuring that the correct proof of coverage form (REE-141 or REE-142) is submitted to the Commission.
Want to know your current E & O Insurance status or verify that IREC has proof of insurance? Log on to IREC’s online services and click the E & O Insurance tab.
Please direct all questions to IREC directly at 208-334-3285.
E & O INSURANCE DEDUCTABILITY:
If your broker withholds the cost for E&O insurance from your commission income and that amount is included on your 1099, you can deduct it against your income.
NOTE: Boise Regional REALTORS® and its affiliates do not provide tax, legal, accounting, or financial advice. This has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, accounting or financial advice. You should consult your own tax, legal, accounting, or financial advisers about your specific situation.
