Under the regulations made under Ontario's TRESA, what is the minimum professional liability insurance coverage for each registrant?
Correct Answer
A) $1 million per claim and $3 million per policy year
O. Reg. 579/05 s. 11(2) requires professional liability insurance providing at least $1 million for any particular claim and at least $3 million for all claims made in any policy year against any particular registrant. The coverage is provided through the group policy arranged and administered by RECO's board, which every registrant must be insured under.
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Under TRESA's regulations, a registrant listing a property for a client personally owns a share of that property. When must the registrant disclose this interest to the client and to every person making an offer?
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