All Practising CMTBC registrants are required to obtain professional liability insurance coverage of at least $2,000,000 per claim or per occurrence (see Bylaws, section 61).
RMTs must upload proof of valid professional liability insurance on initial registration with CMTBC and during annual registration renewal, in the Registrant Portal. Follow the instructions in the Portal to upload your proof of professional liability insurance.
There are two types of professional liability insurance available to RMTs: claims-based and occurrence-based. It is important to you as an RMT that you understand the difference between the two, and which of the two types of insurance you hold.
The above examples are illustrations only: it is important to speak to your broker to ensure that you fully understand the coverage that you have, or are considering purchasing. You may also consider obtaining legal advice.
If you decide to convert from Practising to Non-practising status, and you did not hold occurrence-based coverage while Practising, you will need to purchase additional coverage – sometimes referred to as “tail insurance” – to protect you against claims that may be made against you after you go Non-practising. If you held an occurrence-based policy while Practising, this additional coverage is not necessary (see CMTBC Bylaws, section 61(2)).
Although RMTs who have given up their registration and become Former Registrants are no longer subject to the CMTBC Bylaws, they should nonetheless consider (if they held claims-based insurance while Practising) obtaining a period of tail insurance coverage to protect against future claims.