BrokerExamNew minimum terms for errors and omissions (E&O) insurance take effect for policies renewing on or after January 1, 2027. The Registered Insurance Brokers of Ontario (RIBO) sets them out on its Errors and Omissions / Fidelity Bond page as “enhancements to the mandatory E&O insurance endorsement applicable to RIBO-licensed entities.” The page names two: part of each policy’s limits held for Ontario activities, and a minimum each licensed entity keeps access to.
The two new terms
Dedicated Ontario coverage. For a policy renewing on or after that date, at least $3 million per claim and $6 million aggregate has to remain available for Ontario activities under a single policy, “even if policy limits have been reduced or exhausted by claims outside Ontario.”
Entity-level protection. Under a policy renewing on or after that date, each RIBO-licensed entity will need access to at least $1 million per claim and $2 million aggregate. RIBO applies this whether the entity has its own E&O policy or shares one with other licensed entities, and “even where policy limits have been reduced or exhausted by claims involving other insured parties.” On how it sits with excess cover, RIBO says only this: “Coverage is assessed after any applicable excess insurance. If excess insurance is not in place, this protection applies once primary limits are exhausted.”
RIBO’s July 2026 newsletter, the RIBO Review, listed the same figures among the revised endorsement’s new minimum standards and said RIBO had updated it “collaborating with industry participants.” It gave the purpose as strengthening consumer protection and reflecting current market practices.
The minimums in place now
Above the 2027 section, RIBO’s page lists what firms must keep, and give RIBO copies of, today: E&O of at least $3 million per claim and $6 million aggregate, or some other form of financial guarantee; fidelity insurance of at least $100,000 per claim; policies from insurers licensed in Ontario; and a RIBO endorsement attached to each. The definition of insured should reach any past or present trade, “doing business as” or website name an insured has done business under. Non-active firms do not need a fidelity bond or crime policy.
The regulation and the by-law
RIBO’s page names two sources for the requirements: Regulation 991 under the Registered Insurance Brokers Act, and By-Law No. 3. Both are on the list of self-study resources on RIBO’s Level 1 exam page, which also points candidates to its Consolidated Examinee Resource as the one document that carries them. Neither text, as this site carries them, mentions the 2027 terms.
O. Reg. 991, s. 20 applies to every member who is a sole proprietor, partnership or corporation. Subsection (1) requires E&O “with extended coverage for loss resulting from fraudulent acts,” or some other form of financial guarantee, in a form approved by the Manager, of at least $3,000,000 “in respect of any one occurrence.” It sets no aggregate. Subsection (2) sets fidelity insurance at no less than $100,000 per occurrence. Subsection (3) is the endorsement the regulation itself requires: the Manager gets written notice of any cancellation or non-renewal, and it does not take effect until thirty days after the Manager receives that notice. Under subsection (4), the member’s certificate of registration expires on the date a cancellation or non-renewal takes effect, unless the insurance is replaced first or the member otherwise satisfies the Manager that it complies.
By-Law No. 3, s. 4.2 (b) (viii), is where the $6 million aggregate appears. An Active Firm Licensee keeps E&O “of at least $3 million per claim and $6 million in aggregate for each Licensee,” and a fidelity bond or crime policy of at least $100,000 per claim for each Licensee, and provides copies to RIBO’s CEO annually and on request. The by-law repeats the thirty-day notice, addressed to the CEO.
RIBO’s page does not say whether s. 20 or By-Law No. 3 will be amended, and describes the change only as a revised endorsement. The dedicated Ontario limits and the $1 million entity floor are, as published, endorsement terms on RIBO’s page, dated to renewals on or after January 1, 2027, and RIBO has not published whether they are graded on the Level 1 exam.