To all Members:
We have some news to pass along to all members with respect to Membership and Insurance Renewals for the 2020-2021 Membership Year.
Although due to a number of claims against our insurance program which resulted in significant payouts, we have had to increase the Insurance Premiums for the 2020-2021 Coverage Year across the board by 10%, we are thankful to Sovereign General for their continued support of the CNAREA E&O Program.
We have been working with our Insurance partners, ProLink and Sovereign General to seek out ways to ease some pressure on our members with respect to our upcoming annual renewals, and I am excited to announce that we have two temporary programs for the upcoming Membership Year.
First, with respect to Membership Fees, I am very excited to tell you that we have not increased the Membership Fees for the upcoming year, and we are now offering a great new payment plan option for you. There are two choices now available to Designated Members and Candidate Members.
- Pay your regular Membership Payment, due by May 1, in full as usual or,
- Choose to pay your Membership Fees in 3 equal installments:
- May 1 $325
- July 31 $325
- September 30 $325
As you can see there is an increased cost if you choose to use the deferred payment option, but this is to offset the administrative costs associated with this option. Associate Members or Retired Members will be required to pay their renewals in full by May 1, 2020.
Secondly, I am very excited to announce that our Insurance Partners at ProLink and Sovereign General have stepped up to help as well. So, for the first time, and as a temporary measure, ProLink is offering a Quarterly Payment Plan for your E&O Insurance Coverage.
Quarterly Payment terms on your credit card will be as follows:
- 25% to be paid on the date of renewal
- 25% to be paid on August 31, 2020
- 25% to be paid on November 30, 2020
- 25% to be paid on February 28, 2021
ProLink has agreed to charge a very minimal financing rate of only 1.75% if you choose the Quarterly Payment Program. You will still have the option to pay your full premium if you wish. The two payment options will be available on the ProLink Renewal Portal coming up in April.
We are VERY appreciative of our Partners at ProLink and Sovereign General for their continued support of our membership and helping us alleviate some of the financial pressure on our Members in these challenging times.
Membership renewal options will be available at cnarea.ca beginning Monday March 31, 2020 and the Insurance Renewal Program will be active on Tuesday April 14, 2020. You will receive a renewal notice email from ProLink as in the last 2 years, which will direct you to the ProLink Portal where you can select your coverages, payment plans, etc.
Let’s work hard to supply much needed appraisal reports to our clients, stay safe and stay healthy. Planning for our Convention and AGM is still going ahead, and we are hoping to have a big celebration together when this season is over!
Thank you for your continued support of our Association!
Certified Appraisal Reviewer
Chief Executive Officer
Canadian National Association of Real Estate Appraisers.