3.02. The insurance contract must provide that:
(a) the coverage is for an amount of not less than $500,000 per claim and $500,000 for the aggregate of claims relative to the term of the coverage;
(b) the insurer undertakes to pay in lieu and stead of the insured, within the limits of the coverage, any amount that the insured may legally be bound to pay in damages to a third party respecting a claim filed during the period of coverage and resulting from professional services rendered or that should have been rendered by the insured or his employees in the performance of their duties;
(c) the coverage applies to services rendered or to the failure to render services prior to the coming into force of the insurance contract until the expiry of the period of coverage;
(d) when the insured ceases to practise his profession of his own will or dies, the insurer undertakes to sign with the insured or his legal heirs an insurance contract with a coverage for services rendered or failed to be rendered by the insured or his employees in the performance of their duties prior to the coming into force of such contract;
(e) the insurer undertakes to take up the interest of the insured and to assume his defence in any action brought against him before a court of civil jurisdiction; the costs and expenses of suits against the insured, including those of the defence and interest upon conviction, are borne by the insurer over and above the amounts prescribed in paragraph a.