Common use of LIABILITY PROTECTION AND INSURANCE Clause in Contracts

LIABILITY PROTECTION AND INSURANCE. ‌ a. Section 12 of the Regulation provides that no director, officer or employee of the Agency or any other person acting on behalf of the Agency is personally liable for anything done or omitted in good faith in the exercise or purported exercise of the powers or duties conferred by the Regulation.‌ b. Subsection 7(4) of the Regulation provides that subsection 134(1) (standard of care) and section 136 (indemnification and liability insurance) of the Business Corporations Act apply to the Agency with necessary modifications. c. The Agency is covered under the Government’s General & Road Liability Protection Program (GRLPP) for bodily injury, personal injury and property damage claims made by third parties to April 1, 2021, at which time the Agency will be required to procure a commercial general liability policy of standard wording with limits not less than $5 million per occurrence, from the commercial insurance market. d. The members of the Board of Directors of the Agency are not indemnified by the Government while in the conduct of their duties, except with regard to employment practices, as all employees of the agency are Public Servants under the Public Service of Ontario Act. For all other management liability exposures, the Agency must maintain its own Directors & Officers liability insurance. e. In addition, the Agency may be required to procure other insurance policies to cover operational exposures excluded from coverage under the GRLPP and the Agency’s Directors & Officers liability insurance. Such coverage may include but is not limited to: cyber liability, errors and omissions liability, fiduciary liability, first-party property coverage, fine arts coverage, automobile insurance, etc. The Agency will consult with the Risk Management and Insurance Services Branch (RMISB) in the Ministry of Government and Consumer Services (MGCS) to identify any additional insurance coverage recommendations.