C-26, r. 126.2 - Regulation respecting the practice of the profession of chartered appraiser within a partnership or a joint-stock company

Section 10 Disposition versions

2020-04-01

10. (See French Edition).

O.C. 160-2012, s. 10; I.N. 2016-01-01 (NCCP); Décision OPQ 2020-386 (French only), s. 17.

2016-01-01

10. The security must include

(1)  an undertaking by the insurer to pay in lieu of the partnership or joint-stock company, over and above the amount of the security to be furnished by a member pursuant to the Règlement sur la souscription obligatoire au Fonds d’assurance de la responsabilité professionnelle de l’Ordre des évaluateurs agréés du Québec (chapter C-26, r. 131) up to the amount of the security, any sum that the partnership or joint-stock company may be legally bound to pay to third persons on a claim filed during the coverage period and arising from fault on the part of a member in the practice of the profession within the partnership or joint-stock company;

(2)  an undertaking by the insurer to take up the cause of the partnership or joint-stock company and defend it in any action against it and to pay, in addition to the amounts covered by the security, all legal costs and expenses of actions against the partnership or joint-stock company, including those of the inquiry and defence and interest on the amount of the security;

(3)  an undertaking by the insurer that any claim submitted in the 5 years following the coverage period during which a member of the partnership or joint-stock company has died, withdrawn from the partnership or joint-stock company or ceased to be a member of the Order, in order to maintain coverage for the partnership or joint-stock company for fault on the part of the member in the practice of the profession within the partnership or joint-stock company;

(4)  an undertaking by the insurer to guarantee at least $1,000,000 per claim and for all claims filed against the partnership or joint-stock company during a 12-month coverage period, regardless of the number of members in the partnership or joint-stock company;

(5)  an undertaking by the insurer to give the Order a 30-day prior notice of intent to cancel or modify the insurance contract where the modification refers to a condition set out in this Regulation;

(6)  an undertaking by the insurer to notify the Order that the insurance contract has not been renewed; the notice must be sent within 15 days following the expiry of the contract; and

(7)  an undertaking by the insurer to notify the Order when it has paid a sum of money by reason of a fault on the part of a member setting out the name of the partnership or joint-stock company and of the member involved, the nature of the fault, the damage, and the sum paid.

O.C. 160-2012, s. 10; I.N. 2016-01-01 (NCCP).

2012-09-01

10. The security must include

(1)  an undertaking by the insurer to pay in lieu of the partnership or joint-stock company, over and above the amount of the security to be furnished by a member pursuant to the Règlement sur la souscription obligatoire au Fonds d’assurance de la responsabilité professionnelle de l’Ordre des évaluateurs agréés du Québec (chapter C-26, r. 131) up to the amount of the security, any sum that the partnership or joint-stock company may be legally bound to pay to third persons on a claim filed during the coverage period and arising from fault on the part of a member in the practice of the profession within the partnership or joint-stock company;

(2)  an undertaking by the insurer to take up the cause of the partnership or joint-stock company and defend it in any action against it and to pay, in addition to the amounts covered by the security, all legal costs of actions against the partnership or joint-stock company, including the costs of the inquiry and defence and interest on the amount of the security;

(3)  an undertaking by the insurer that any claim submitted in the 5 years following the coverage period during which a member of the partnership or joint-stock company has died, withdrawn from the partnership or joint-stock company or ceased to be a member of the Order, in order to maintain coverage for the partnership or joint-stock company for fault on the part of the member in the practice of the profession within the partnership or joint-stock company;

(4)  an undertaking by the insurer to guarantee at least $1,000,000 per claim and for all claims filed against the partnership or joint-stock company during a 12-month coverage period, regardless of the number of members in the partnership or joint-stock company;

(5)  an undertaking by the insurer to give the Order a 30-day prior notice of intent to cancel or modify the insurance contract where the modification refers to a condition set out in this Regulation;

(6)  an undertaking by the insurer to notify the Order that the insurance contract has not been renewed; the notice must be sent within 15 days following the expiry of the contract; and

(7)  an undertaking by the insurer to notify the Order when it has paid a sum of money by reason of a fault on the part of a member setting out the name of the partnership or joint-stock company and of the member involved, the nature of the fault, the damage, and the sum paid.

O.C. 160-2012, s. 10.