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liability insurance
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It is that time of year again when Appraisal Institute of Canada (AIC) members receive their professional liability insurance invoices for the 2011 policy year. The AIC's professional liability insurance provides members with protection against claims resulting from any errors and omissions made in the rendering of professional services. The Institute's professional liability insurance program is mandatory for all active members. The mandatory nature of the program makes it cost effective and enables members to benefit from economies of scale. Insurance premiums are actuarially determined and reflect historical and forecast claims and other risk factors. In recent years, as a result of the downturn in the real estate market both the number and severity of claims has increased substantia...
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It has become an essential element for anyone in the professional services field today to have professional liability insurance, also known as errors and omissions insurance. In the last tough insurance market, the Appraisal Institute of Canada (AIC) launched a dedicated member insurance program to provide custom tailored insurance for all of its members and to establish predictable and stable pricing. The manner by which professional liability policies respond to claims is quite different to a homeowners or automobile policy. This is for one very simple reason -- most complaints, concerns or legal action over an appraisal are generally initiated at least 12 months after the work is done and, in many cases, years later.
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The best part of the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) is the requirement to analyze sales, options or listings of a subject property. A strong statement that is certainly subject to debate and maybe the best 'new' requirement that the Standards incorporated when they were adopted by AIC on Jan 1, 1994. It is important to understand that the Standard requires appraisers to report and analyze the sales and listing history. A detailed analysis is not required but a commentary about changes to market conditions or to the property itself would be appropriate. The proper analysis of transactions should reveal whether or not the parties were dealing at arm's-length. When you are preparing your appraisal report, form or narrative, give this section the atte...
... protection in the event of a subsequent insurance claim or professional practice complaint. The Prac...
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All members of the Appraisal Institute of Canada (AIC) must participate in the program in either the 'fee' or 'non-fee' member categories in accordance with the type of work they do and the liability it attracts. A 'fee appraiser' means a member who renders 'professional services' on a fee-for-service basis. Members who are providing and taking responsibility for 'professional services' must be registered as 'fee' members with respect to the AIC professional liability insurance program and pay the appropriate insurance levies.
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Feature presenter Jim Caruk stressed the importance of choosing the right renovator for the job. He stressed putting the quote in writing and the difference between an estimate and a quote. Jim talked about costs associated with upgrading your original design. As well, there were a few basic musts that Jim stated for the consumer. The renovator must have a GST number. The renovator must take out all permits in his name. The renovator must have at least $2 million of liability insurance. The renovator must ensure that all of his sub-trades are fully insured. The renovator must have Workers Compensation coverage. If not, he warned, the repercussions for failure to do so could come back to the consumer.
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The hot spot list, compiled using CompStat and printed in the Feb. 19 edition of the Brandon Sun, was released following a Feb. 2 meeting of safety-oriented partners that included Safe Communities Brandon and Area, MPI, police and Manitoba Infrastructure and Transportation. Violations included speeding, jumping red lights, imprudent driving and a lack of liability insurance.
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In the From ship to shore (Feb. 10), part of his plan to move submarine cable from Thunder Bay to Gimli, Prof. [John Ryan] proposes bending the cable in six-metre vertical loops. He also alleges that CN Logistics envisions "no problems with low underpasses." Does CN's reported answer reflect the fact that questioners will usually elicit a desired answer if questions lead, inexorably, to that answer? Does CN's reported answer also encompass the many power lines and/or telephone lines that inevitably cross Canada's rail lines? Local history tends to refute CN's reported answer. In 1960, a 1910-vintage C-Phase transformer (tall, but shorter than six metres) failed at the Pointe du Bois generating station. Winnipeg Hydro envisioned no problems in shipping the transformer back to St. Cathari...
...Who is going to provide liability insurance for a scheme that is far too novel for a...
