Following extensive consultation with the profession, the Board has adopted the requirements for liability insurance as follows:
A licensee who holds a class 1 licence or a class 3 licence and who provides services to the public, must have professional liability insurance that meets the following requirements:
- it must be issued by a company licensed in Canada;
- it must cover claims made in and outside Canada;
- it must indemnify the licensee for any civil liability that arises from the licensee acting as a patent agent or trademark agent;
- it must have coverage limits of a minimum of $1 million per claim and $2 million aggregate per year.
Therefore, those who work in government or as in-house agents are exempt from the requirements.
A licensee is not required to be insured against professional liability until the end of the year 2022, but must make all reasonable efforts to obtain the required insurance as early in that year as is reasonably possible.
For more information, consult our FAQ or contact us.