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E & O Info

Regulatory Requirements

Individual Agent Requirements for Errors and Omissions (2012)

Province Mandatory Per Claim Aggregate Deductible Fraud Tail
Alberta Yes (went into effect April 1, 2006) $500,000 $2 million None specified. Insurer pays first dollar and collects from insurer Yes 1 year
British Columbia Yes (went into effect April 1, 2006) $1 million $2 million None specified. No No
Manitoba Yes $1 million $5 million None Yes 5 years
New Brunswick No n/a n/a n/a n/a n/a
Newfoundland and Labrador Yes $1 million None $10, 000 (maximum) Yes None
Northwest Territories No n/a n/a n/a n/a n/a
Nova Scotia No n/a n/a n/a n/a n/a
Nunavut No n/a n/a n/a n/a n/a
Ontario Yes $1 million $2 million None specified. Insurer pays first dollar and collects from insurer. Yes 2 years
Prince Edward Island No n/a n/a n/a n/a n/a
Quebec Yes (professional liability insurance $500,000 $1 million $10,000 None Five (5) years from date representative ceases to pursue activities
Saskatchewan Yes $1 million None None $1 million None
Yukon No n/a n/a n/a n/a n/a