Certificates of authorization — professional liability insurance
 74. (1) Subject to subsection (2), a holder of a certificate of authorization must be insured against professional liability under a policy of professional liability insurance which complies with the following minimum requirements: 1.  A policy limit for each single claim of not less than $250,000 and either an aggregate policy limit for all claims of not less than $500,000 per year or an automatic policy limit reinstatement feature. 2.  A maximum deductible amount under the policy of the greater of $5,000 or 5 per cent of the annual fees the holder billed in the twelve months immediately before the issuance of the policy. 3.  Coverage for liability for errors, omissions and negligent acts arising out of the performance of all services within the practice of professional engineering offered or provided to the public by the insured subject to such exclusions and conditions and otherwise on such terms as are consistent with normal insurance industry practice from time to time. 4.  A provision that neither party may cancel or amend the policy of insurance in a way that results in non-compliance with this Regulation without first giving the other party at least forty-five days written notice or, in the event of non-payment of premiums, fifteen days written notice. 5.  The insurance must be placed with an insurer with an aggregate capital and surplus of at least $20,000,000 or an underwriter or syndicate of underwriters operating on the plan known as Lloyds.  R.R.O. 1990, Reg. 941, s. 74 (1). (2) A holder of a certificate of authorization is not required to be insured against professional liability under subsection (1) if, (a)  the holder is participating in the Indemnity Plan of the Ontario Association of Architects and the holder’s practice is limited to professional activities covered by that Plan; (b)  substantially all claims arising out of the service performed within the practice of professional engineering would be covered by other insurance whose terms of coverage are not materially less than the minimum requirements under subsection (1); (c)  the professional liability insurance would be in respect of pollution hazards, nuclear hazards, aviation hazards or shipping hazards; or (d)  before entering into an agreement to provide professional engineering services, the holder notifies each person to whom the holder intends to provide professional engineering services that the holder is not insured in accordance with the minimum requirements of this section and receives from each such person written authority to provide these services without that insurance.  R.R.O. 1990, Reg. 941, s. 74 (2). (3) The notice under clause (2) (d) shall be in the form provided by the Association for the purpose, and shall be signed by, (a)  in the case of a holder who is a natural person, the person; (b)  in the case of a holder that is a corporation, an officer or director of the corporation; (c)  in the case of a holder that is a partnership, a partner in the partnership; or (d)  in the case of a holder that is a partnership of corporations, an officer or director of a partner in the partnership. O. Reg. 71/15, s. 23.