Licensees must provide evidence that the required insurance policies are in place on an annual basis or at any time upon request by RIBO, as required by sections 2.7 (b) (vii), 4.2 (viii), and 4.3 (e) of By-Law 3. Generally, a certificate of insurance will be sufficient; however, licensees may be required to submit a copy of the full policy, if requested.
Section 19 of Regulation 991 requires all firms to maintain equity in the firm equal to the greater of:
Licensees can submit all certificates of insurance using the form below:
Firms are to provide copies, at policy renewal, of all certificates of mandatory insurance to satisfy the following minimum requirements: (a) Professional Errors and Omissions Liability insurance of at least $3 million per claim, $6 million aggregate (b) Fidelity Bond of at least $100,000 per claim. The policies must be underwritten by insurers licensed in the Province of Ontario and must indicate they are subject to special RIBO endorsements. It is the Broker’s responsibility to ensure that the requisite insurance coverages are maintained and that renewal or continuation certificates are provided to RIBO each year.
Please fill out the form below to confirm that your brokerage has satisfied these requirements
Please confirm the following criteria have been met by your Errors & Omissions insurance policy:
Please confirm the following criteria have been met by your Fidelity Bond: