4. An insurance contract of the Order must provide for:
(1) a minimum guarantee of $100,000 for each claim;
(2) a commitment by the insurer to pay, on behalf of the insured, any amount (except for a group and an individual deductible set by resolution of the board of directors) within the limits of the guarantee that the insured may be legally bound to pay in damages to a third party for a claim submitted during the guarantee period arising from professional advice or services that were rendered or should have been rendered by the insured or his agent in the performance of duty;
(3) a clause under which the guarantee applies to services rendered or omitted before the insurance contract came into force, up to the end of the guarantee period and extends to all land surveyors, except for those not covered by section 2, enrolled in the Order, including deceased and retired members, providing that they were or should have been eligible for the protection offered by the policy on the date of death or retirement.
However, deceased, associate and retired members, as well as those not in professional practice under the terms set forth in section 2 but who had previously practised under these terms, are considered insured only for claims arising from professional services that were rendered or should have been rendered when practising according to the terms of section 2 and covered by the said policy or would have been if it had been in force;
(4) a commitment by the insurer to institute legal proceedings on behalf of the insured and assume his defense in any lawsuit brought against him before a civil court; in addition to the amount prescribed in paragraph 1 above, the costs of a lawsuit brought against the insured, including his defense as well as any interest on the amount of the guarantee, shall be assumed by the insurer;
(5) a clause to the effect that the insurer promises to give the Order 90 days’s notice of a cancellation, non-renewal or change to a contract.