Donaldson Digest – Dual Agency Banned and Flood Insurance on the Brink

The Donaldson Digest - News and Notes for Industry Pros   Canada Bans Dual Agency in Real Estate Transactions   On June 15th,  the Real Estate Council of British Columbia banned the practice of “dual agency” (also known as “double ending”) in order to ensure that real estate agents serve their clients without any potential conflicts of interest. In Canada, dual agency means that an agent can represent both the buyer and the seller in the same transaction. However, in the United States, “dual agency” often refers to a transaction involving two agents of the same company, not necessarily one agent representing both sides of the aisle. British Columbia’s Superintendent of Real Estate, Michael Noseworthy, said to Realtor Magazine: “These changes have been designed to reinforce a real estate agent’s duties and obligations to their clients and to ensure that agents are always acting in their client’s best interests. We want to make sure that the advice consumers receive is solely for their benefit and that consumers have confidence that their agent is undoubtedly on their side.” The ban applies [...]

License Renewal Updates for Insurance Producers and Adjusters

The laws regarding insurance producer and adjuster license renewal have changed effective January 1, 2018. Read below for details on the changes, links to appropriate resources, and other information to help ensure your producer or adjuster license stays in compliance per new laws.  Producer and Adjuster License Renewal Update Insurance Producer Renewals Insurance producers now only need to file a single license renewal, which will renew all eligible lines on the license. Licenses still renew on the last day of the birth month, but now with the license number determining the renewal year. Licenses that end in an even number renew in even-numbered years and licenses that end in an odd number will renew in odd-numbered years. Adjuster Renewals Adjuster licenses still renew on the last day of the birth month, but now with the license number determining the renewal year. Licenses that end in an even number renew in even-numbered years and licenses that end in an odd number will renew in odd-numbered years. Business Entity Renewals The license renewal date for both producer and claims adjuster business entities is [...]

Obtain And Maintain Flood Insurance

As a result of flooding events over the past several years, many families and communities are all too familiar with the concept of flooding and insurance. One important element that we would like to cover in this article is the "obtain and maintain" insurance requirements for property owners that receive federal financial disaster assistance. The included information here benefits all interested parties, including real estate professionals and consumers. If you or someone you know has ever received federal disaster assistance as a result of a flooding event, then the information included here is important to pass along. As a real estate professional, we have included a sample PDF disclosure at the end of this article which may be considered for inclusion in listing packets and other related brokerage documents. The Importance of Flood Insurance Floods are the nation’s most common and costly natural disaster and cause millions of dollars in damage every year. As many Americans have discovered in recent years, homeowners or renters insurance will not typically cover flood damage. Furthermore, it is important to note that floods can happen anywhere! [...]

News: Flood Insurance Reform Bill Reaches Key Agreements

WASHINGTON - Flood insurance reform is an ongoing issue on the national stage.  The current flood insurance program expires on September 30, 2017. Here is the latest: The 21st Century Flood Reform Act The National Flood Insurance Program (NFIP) aims to reduce the impact of flooding on both private and public structures. This federally subsidized program provides affordable insurance to property owners. The NFIP also works with communities to adopt and enforce floodplain management regulations. This floodplain management helps reduce costs and help mitigate loss. To date, the NFIP insures over 5 million properties. As it stands now, this program is slated to expire in its current form on September 30, 2017. This expiration could potentially result in a severe shortage of affordable flood insurance, with catastrophic effects in certain areas of the country which are at higher risks for flooding. Therefore, lawmakers on both sides of the aisle are aware of the importance of reaching an agreement on permanent flood insurance reform before the program is allowed to expire. The 21st Century Flood Reform Act aims to strengthen and reauthorize the [...]