Do not assume your mortgage is cancelled. A mortgage broker’s professional-indemnity (PI) or errors-and-omissions (E&O) insurance protects the brokerage against claims about its professional work. It is different from your homeowners/buildings insurance, mortgage-protection insurance, and mortgage-default insurance. First confirm what policy ended, then protect any live loan deadline, check the firm’s licence independently, and put concerns in writing.
A lapse by itself does not prove negligence, make the broker liable, determine whether a claim is covered, or establish that a lender will withdraw an approval. Those outcomes depend on the policy wording, dates, conduct, actual loss, lender requirements, and the law where the broker is licensed.
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1. Identify exactly what insurance has lapsed
Ask the broker or brokerage to identify the policy in writing. Professional firms may use the terms PI, PII, professional-indemnity insurance, E&O, or errors-and-omissions insurance for liability cover relating to advice and arranging services. That is the firm’s insurance, not a policy you bought for your home or loan.
| Policy | Whose risk it addresses | What you should do |
|---|---|---|
| Broker PI/E&O | Claims that the brokerage’s professional work caused a loss | Request the insurer, policy period, lapse date, reason for the lapse, and replacement or reinstatement status. |
| Homeowners or buildings insurance | Damage or liability connected with the property | Contact your insurer, restore cover, and send proof to the mortgage servicer if required. |
| Mortgage-protection insurance | Benefits linked to specified death, disability, or other insured events | Check your own certificate and insurer; it is separate from the broker’s liability cover. |
| Mortgage-default or lender insurance | Credit risk under the applicable loan and jurisdiction | Ask the lender or insurer about the loan condition; do not treat it as the broker’s PI policy. |
Ontario’s Financial Services Regulatory Authority (FSRA) describes E&O insurance as a requirement for mortgage brokerages and administrators in that province. The FCA describes professional-indemnity insurance as liability insurance that responds when a third party claims a loss, usually because of professional negligence. Neither description means every allegation will be paid or that a borrower automatically receives compensation.
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2. Take these steps in the first 24 hours
- Request a written fact sheet. Ask for the insurer’s name, policy type, policy number if they can disclose it, start and end dates, the date cover actually stopped, the reason it ended, and whether replacement or reinstatement cover is now in force.
- Ask what work and dates were covered. Request confirmation of whether the policy applied to advice already given, applications submitted, offers issued, and any post-completion work. The firm should also state whether it has stopped advising or arranging mortgages while uninsured.
- Preserve the record. Save emails, text messages, engagement letters, disclosures, rate-lock documents, lender correspondence, application forms, and notes of every call. Write down the date, person, and substance of each conversation while it is fresh.
- Protect any deadline. If you have a rate-lock expiry, financing condition, appraisal deadline, offer expiry, or closing date, contact the lender and your solicitor or conveyancer immediately. Ask whether they require a currently authorised replacement broker or direct reconfirmation of any advice or application information.
- Check the firm yourself. Search the official register for both the brokerage’s legal name and the individual broker. Confirm that the permissions cover mortgage advice or arranging and look for restrictions, suspension notices, or other status information.
- Open a written complaint if needed. Explain what happened, when you learned of it, what you relied on, any loss or immediate risk, and the remedy you want. Send it to the brokerage’s designated complaints contact and keep proof of delivery.
- Obtain legal advice for a material loss. A local lawyer can assess limitation periods, causation, contract terms, and whether an insurer or another party may be responsible.
3. Keep a live mortgage transaction moving
A lapse does not itself cancel a mortgage approval. The lender may, however, have conditions about the broker’s authorisation, the accuracy of information submitted, or who may communicate on the file. Only the lender and the contract can determine what happens to your application.
If you have an imminent closing
- Tell the lender’s underwriting or closing contact that you are checking the broker’s insurance status and ask whether the file can proceed.
- Ask your solicitor or conveyancer whether any broker-supplied document, certification, or undertaking must be reissued by an authorised person.
- Request written confirmation of any new deadline, document, or direct-verification requirement.
- Do not let a dispute with the brokerage prevent you from satisfying independent loan conditions such as proof of funds, property insurance, appraisal, or identification.
If your rate lock or mortgage offer is expiring
Ask the lender what extension or reapplication options exist and whether a replacement broker can communicate on the existing file. Record the financial effect of any delay, including a higher rate, an extension fee, or a failed transaction. Those records may matter if you later seek redress, but they do not by themselves establish liability.
If no deadline is pending
You can take time to obtain the policy facts, check licensing, and decide whether to continue with the firm. Ask the lender whether it will deal with you directly or permit another authorised broker to review the application.
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4. Verify the brokerage and broker independently
Use the official regulator’s register, not a link supplied only by the brokerage. Search the exact legal name, trading name, and individual licence record. Check:
- current status, such as authorised, active, suspended, or cancelled;
- the regulated activities and permissions listed;
- any restrictions, conditions, or disciplinary notices;
- the registered address and approved contact details.
The UK Financial Conduct Authority (FCA) directs consumers to its Firm Checker. In Ontario, FSRA oversees mortgage-broker licensing and E&O compliance. Other countries, states, and provinces have different registers and rules, so use the authority for the jurisdiction shown on your engagement documents or the firm’s licence.
5. Decide whether you have a complaint, a loss, or only an insurance-status concern
These are different situations:
| What you know | Useful next action | What it does not prove |
|---|---|---|
| The policy may have lapsed, but you have no identified harm | Obtain written dates and replacement status; verify licensing and keep records. | It does not prove negligence or entitle you to a payment. |
| You received unsuitable or inaccurate advice | Complain in writing and gather the advice, documents, and financial impact. | The lapse is not the only element of a claim; causation and local law still matter. |
| A deadline or closing is at risk | Contact the lender and closing professionals immediately and request a documented workaround. | The broker’s status alone does not determine whether the lender must extend or honour an offer. |
| You have a quantified financial loss | Seek jurisdiction-specific legal advice promptly and preserve all evidence. | Coverage after expiry, notification rules, and the responsible party cannot be inferred without the policy and facts. |
6. Complain to the brokerage, then escalate through the local process
State the facts chronologically. Include the service requested, dates, people involved, documents supplied, what you were told about insurance or authorisation, and the outcome you want. Ask for a written response and the firm’s formal complaints procedure. Avoid sending original documents; provide copies and retain the originals.
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Ontario, Canada
FSRA says Ontario mortgage brokerages and administrators must carry approved E&O insurance at all times, even when they are not doing business. Its current guidance specifies minimum limits of $500,000 for one occurrence and $1 million for all occurrences in a year. A cancellation or non-renewal must be reported to FSRA immediately; the guidance says non-compliance may lead to an administrative monetary penalty and/or licence revocation. These requirements apply to Ontario and should not be generalized to another province or country.
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United Kingdom
For firms carrying out home-finance mediation activity, the FCA points to the insurance requirements in MIPRU 3. The FCA Handbook rule MIPRU 3.2.4 includes, among other requirements, continuous cover for claims arising from work from the date the relevant permission was granted and cover for Financial Ombudsman Service awards. The exact obligations depend on the firm’s activities and category, so check the firm’s current permissions and the live rules.
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For a consumer complaint, FCA guidance says to contact the firm first and keep a record. The general time limits described by the FCA are six years from the event or, if later, three years from when you became aware (or ought reasonably to have become aware) of the cause to complain. Firms generally have eight weeks to issue an outcome. An eligible referral to the Financial Ombudsman Service normally must be made within six months of the firm’s final response. Confirm current deadlines and eligibility for your particular complaint before relying on them.
Other jurisdictions
Complaint routes, mandatory insurance, ombudsman powers, and limitation periods vary widely. Find the regulator named on the broker’s licence, then follow its published sequence: usually brokerage complaint first, followed by regulator, ombudsman, or court where available.
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7. If your own home insurance has lapsed
Do not confuse a broker PI lapse with a homeowners-policy lapse. A mortgage servicer may require property insurance and may purchase force-placed insurance if it cannot verify your cover. US Consumer Financial Protection Bureau guidance on that situation advises contacting your insurer, obtaining or reinstating property cover, sending proof to the servicer, and addressing any force-placed policy. That guidance concerns the borrower’s property insurance; it does not determine what happens when a broker’s PI/E&O policy ends.
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8. What a lapsed policy can and cannot tell you
Insurance contracts often contain detailed terms about the date a claim is made, when circumstances were notified, prior acts, exclusions, deductibles, and extended reporting. A policy that expired before you complained might still respond to an eligible claim, or it might not; only the wording, notifications, and applicable law can answer that question. Do not sign a release, accept a settlement, or agree that the firm has no responsibility before obtaining advice if the potential loss is significant.
Similarly, the absence of insurance does not erase a professional duty, and the presence of insurance does not establish that the broker breached one. Liability normally requires proof of the duty, a breach or other actionable conduct, a causal connection, and a legally recognised loss, subject to local rules.
9. A practical decision guide
| Your situation | Priority | Next contact |
|---|---|---|
| Suspected lapse, no active application | Confirm policy facts and licence status; preserve records. | Brokerage complaints contact, then local regulator if unanswered. |
| Active application with a near deadline | Protect the transaction before debating fault. | Lender and solicitor/conveyancer, followed by brokerage in writing. |
| Documented financial loss | Preserve evidence and protect legal deadlines. | Local lawyer and formal brokerage complaint; notify regulator or ombudsman as applicable. |
| Only your property insurance is missing | Restore the required home cover. | Your insurer and mortgage servicer. |
10. A concise email you can send
Subject: Request for written confirmation of PI/E&O insurance and active file handling
Please confirm in writing:
1. the insurer and type of professional-indemnity or E&O policy;
2. the policy period and the date, if any, on which cover ended;
3. the reason for the lapse and whether replacement or reinstatement cover is in force;
4. what work and dates the policy covers, including my application; and
5. who will handle my file and any deadline while this is being resolved.
My current mortgage deadline is [date]. Please also provide your complaints procedure and the name of the complaints contact.
Replace the bracketed date with the real deadline, and send the message through a channel that gives you a delivery record.
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11. Mistakes to avoid
- Assuming “insurance” means your homeowners policy without checking the policy type.
- Waiting for the broker’s answer while a rate lock, financing condition, or closing date approaches.
- Relying on an unverified licence number or an old regulator listing.
- Making accusations that cannot yet be supported; describe the facts and request documents.
- Discarding texts, call notes, or versions of mortgage documents.
- Assuming an insurance lapse automatically creates compensation or cancels the loan.
- Using Ontario limits or UK complaint deadlines as if they applied everywhere.
12. The outcome you should aim for
You want four things documented: which policy ended, what the brokerage is authorised to do now, how any live mortgage file will be protected, and how a complaint or loss will be handled. Once those facts are clear, the appropriate path may be simply changing brokers, pursuing the firm’s complaint process, involving a regulator or ombudsman, or obtaining legal advice about a measurable loss. Keep the lender focused on the loan timetable while you address the brokerage’s insurance issue separately.
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