C-73.1, r. 2 - By-law of the Association des courtiers et agents immobiliers du Québec

Section 55 Disposition versions

2012-09-01

55. A professional civil liability insurance contract shall contain the following stipulations:

(1)  the guarantee shall cover the pecuniary consequences of the civil liability provided for in section 53;

(2)  the insurer shall take up the defence of any person or partnership entitled to the benefit of the insurance and shall defend that person or partnership in any legal action filed against that person or partnership; the costs and expenses of any legal action, including those of the defence, as well as interest on the amount of the insurance, shall be borne by the insurer in addition to the amounts provided for in section 54;

(3)  the guarantee shall extend to services rendered prior to the coming into force of the insurance policy and to failure to render services;

(4)  the guarantee shall extend to any claim filed with the insurer in the 3 years following the insurance period during which a certificate holder referred to in section 53 ceases to act as a real estate broker;

(5)  the insurer shall notify the Association in writing of any amendment to the contract as soon as it occurs;

(6)  the insurer shall notify the Association in writing of any claim received and of any settlement of a claim, including all the related details; and

(7)  the insurer shall notify the Association in writing of the cancellation or non-renewal of the contract at least 60 days prior to that cancellation or not later than 30 days following that non-renewal, as the case may be; that notice shall be accompanied by written proof that such a notice was also sent to a certificate holder referred to in section 53.

O.C. 1865-93, s. 55.