• No results found

Please read carefully before filling in this certificate of insurance (COI):

N/A
N/A
Protected

Academic year: 2021

Share "Please read carefully before filling in this certificate of insurance (COI):"

Copied!
5
0
0

Loading.... (view fulltext now)

Full text

(1)

Certificate of Insurance

Errors and Omissions or Professional Liability for Design Firms Seeking

Registration, Renewal or Reinstatement in Accordance With the Building Code

Ontario Ministry of Municipal Affairs and Housing (the ministry)

Pursuant to Sentence 3.2.4.3.(7) and Article 3.6.2.3, Division C of the Building Code (Ontario Regulation 332/12)

Please read carefully before filling in this certificate of insurance (COI):

 The COI should be completed by the authorized representative of the insurance provider.

 Both the COI and the design firm’s registration with the ministry must use the firm’s legal name, e.g., Ontario 12345 o/a J. Smith Design.

 Limits of indemnity vary with annual fee billings. If the insured is registering for the first time, estimate what the fee billings will be for 12 months after the insurance policy is issued.

 Defence costs must be separate from the per-claim policy limit unless the limit of liability exceeds $2 million.

 The maximum deductible is $70,000 or five per cent of fee billings in the previous 12 months, whichever is less. If the insured is registering for the first time, estimate what the fee billings will be for 12 months after the insurance policy is issued.

 Explanatory notes on pages 4 and 5 go into more detail about requirements for the certificate.

1. Insurance Provider (broker, managing general agent or insurance carrier)

Name____________________________________________________________________ Address__________________________________________________________________ Phone___________________________________________________________________ Email____________________________________________________________________

2. Insurance Policy Number____________________________________________________

3. Policy Period (one year only)

a. Effective date: day_________month__________year___________ b. Expiry date: day ________month___________year___________

(2)

2

4. Legal Name of Insured Design Firm (see note on Page 4 for important information) ______________________________________________________________________ 5. Limits of Indemnity

Policy limits vary with annual fee billings in the previous 12 months.  Choose one — a, b or c — on the basis of last year’s billings.

 For new registrations, use an estimate of fee billings for 12 months after issuance of the insurance policy.

 Fill in both the per-claim and aggregate amounts.

 Remember when filling in the per-claim limit that investigation, defence costs and settlement may only be included if the policy limit exceeds $2 million.

a. Policy limits for fee billings of $50,000 or less:

Per claim _____________________________________________ (minimum $250,000) And

Aggregate amount over the policy period ____________________ (minimum $500,000)

b. Policy limits for fee billings of more than $50,000 but less than $100,000:

Per claim _____________________________________________ (minimum $500,000) And

Aggregate amount over the policy period ____________________ (minimum $1 million)

c. Policy limits for fee billings of $100,000 or more:

Per claim _____________________________________________ (minimum $1 million) And

Aggregate amount over the policy period ____________________ (minimum $2 million)

6. Defence Costs

Defence costs may not be part of the per-claim limit indicated above unless the policy limit exceeds $2 million.

Initial here _______ to indicate that the defence costs are excluded from the per-claim limit indicated above.

Or

Initial here _______ to indicate that the per-claim limit exceeds $2 million and includes defence costs.

(3)

3

7. Deductible

The maximum deductible is $70,000 or five per cent of fee billings in the previous 12 months, whichever is less (or, for new registrations, an estimate of fee billings for 12 months after issuance of the insurance policy).

Deductible amount _____________

8. I understand that the insurance policy requires the insurance provider to give the Ministry’s Director of the Building and Development Branch at least 30 days’ notice of the cancellation of the policy and that the policy provides that it may only be cancelled in the circumstances described in Article 3.6.2.3. of Division C of the Building Code.

Initial here to _______ confirm your understanding of this requirement. This certificate of insurance is issued to

Director

Building and Development Branch Ministry of Municipal Affairs and Housing

777 Bay Street, 16th Floor, Toronto, ON M5G 2E5 Date _________________________

Name of authorized representative of insurance provider___________________________ Signature of authorized representative of insurance provider_________________________

This certificate is used to assist the ministry in checking compliance with insurance

requirements under the Building Code. You may refer to Article 3.6.2.3 of the Division C of the Building Code to find specific insurance requirements for the registered persons.

(4)

4

Explanatory Notes

Under the Building Code (Ontario Regulation 332/12), design firms are required to carry insurance as a condition of registration under Article 3.2.4.7, Division C. Details on the minimum requirements are outlined in Article 3.6.2.3. Registrants must verify that they have purchased insurance policies that meet the Ministry’s requirements.

Under the Building Code, Sentence 3.2.4.3.(7), an application for registration, renewal or reinstatement is required to contain evidence, in such form required by the Director, provided by the applicant or registered person, that the applicant or registered person is covered by the insurance required under the Building Code.

Insurance providers or brokers are required to complete this standard certificate of insurance to verify that the firm seeking registration, renewal or reinstatement has the required insurance. Alternatively, the Ministry will accept a certificate created by the insurance provider, on the condition that it provides, to the satisfaction of the Ministry, evidence that the applicant’s insurance meets requirements under the Code.

1. Insurance Provider

The insurance provider must provide sufficient identity to be contacted by the Ministry to clarify or verify information. The provider listed in the form may be the insurance carrier, the insurance broker or managing general agent.

2. Insurance Policy Number

The insurance policy number ties the certificate to a particular insurance policy, which may provide more detailed information on the insurance coverage.

3. Policy Period

The period of registration is one year, and the registered design firm’s liability insurance policy must be in force for a one-year period, from the effective date to the expiry date of the design firm’s registration with the ministry. In addition, the policy can only be cancelled by the insurer for non-payment of premium, in which case the insurer agrees that it will provide written notice to the director at least 30 days prior to the cancellation date. If, however, the insured registered design firm cancels its registration, the insurer is not required to notify the ministry of the subsequent cancellation of the insurance policy. 4. Legal Name of Insured Design firm

The insured design firm can be a corporation, partnership or sole proprietorship. The certificate of insurance must use the firm’s legal name but may also include the firm’s business name. The application for first-time registrants, and the registered name in QuARTS for existing registrants, must include the legal name.

(5)

5

5. Limits of Indemnity

The minimum limits of required indemnity vary from $250,000 to $1,000,000 per claim, depending on annual billings for design work. The minimum limits of indemnity in the

aggregate vary from $500,000 to $2,000,000, depending on annual billings for design work. Both amounts must be identified on the certificate.

6. Defence Costs

Only if the per-claim policy limit exceeds $2 million can defence costs be included in that amount.

7. Deductible

The maximum deductible is the lessor of five per cent of billing fees or $70,000. The insurer may pay the entire amount of the damages payable to a third party but may only clam reimbursement from the insured for the maximum deductible amount.

References

Related documents

How Many Breeding Females are Needed to Produce 40 Male Homozygotes per Week Using a Heterozygous Female x Heterozygous Male Breeding Scheme With 15% Non-Productive Breeders.

Results suggest that the probability of under-educated employment is higher among low skilled recent migrants and that the over-education risk is higher among high skilled

Acknowledging the lack of empirical research on design rights, our paper wishes to investigate the risk of piracy and the perceptions of the registered and unregistered design

Proprietary Schools are referred to as those classified nonpublic, which sell or offer for sale mostly post- secondary instruction which leads to an occupation..

4.1 The Select Committee is asked to consider the proposed development of the Customer Service Function, the recommended service delivery option and the investment required8. It

(1) When applying our method to Haskell source code that contains a single type error; Do we show improvement in locating the errors compared to the Glasgow Haskell Compiler.. The

We investigate the structural and dynamical properties of aNobii (www.anobii.com), a social bookmarking system designed for readers and book lovers. Users of aNobii provide