Frequently asked questions
Note: Should there be a discrepancy between a Frequently Asked Question and the policy, the policy overrides the FAQ. Click here to see the Membership policy.
If you intend to retire some time this year, please follow the below steps:
Step one: You will need to contact your Provincial Association. You will be asked to provide them with written confirmation of your intention to retire, the specific date you intend to retire, and your future contact information, as the AIC will need to be able to contact you.
Step two: You now have run-off coverage until the end of the year. Upon notifying the Provincial Association of your retirement, your current insurance policy will automatically become a “run off” (“tail coverage”) insurance policy. You will have run-off insurance coverage until the end of the year. Your premium is still due and payable for the remainder of the year.
In other words, if you have paid in full, you will receive no refund and if you are paying monthly, you must continue to make your monthly payments.
Extended Reporting Insurance Coverage provides liability insurance for work they have done before the date of their retirement. The Tail coverage period will cover a Retired Member for the 7 years after they retire.
A Member must remain a Retired Member to have access to this insurance coverage. Only AIC “Members” have access to the AIC insurance program.
The purchase of Extended Reporting Insurance Coverage is a business decision that each member can make for themselves. The AIC would always suggest that a member consider buying Extended Reporting Insurance Coverage to protect themselves from claims made after they retire for work they did before retiring.
The Extended Reporting Insurance Coverage fee is calculated by taking the average of the last three years of premiums paid.
Yes, this is a one-time fee that provides coverage for the next 7 years should a claim be received.
If a Member retires, signs the Retirement Declaration, buys run-off and continues to perform appraisal services using a designation granted by another organization:
- They would risk losing the errors and omissions coverage provided by their run-off insurance.
- They could still be subject to the AIC Complaint Resolution Process if someone submitted a complaint.
- They could be deemed in breach of
When a member signs the AIC retirement declaration, they affirm that they will no longer provide any of the professional services defined in CUSPAP. This includes: Real Property Appraisal, Review, Consulting, Machinery and Equipment Appraisal, Reserve Fund Studies, or Mass Appraisal. A Member cannot perform these professional services while retired.
A member cannot be retired as a fee Member and remain active as a non-fee Member.
A member is either active or retired. The member’s fee status (fee or non-fee) has no bearing on their ability to provide professional services.
A Retired Member may continue to perform Clerical Assistance. Clerical assistance involves support to the Member in the preparation of a report but does not include any assistance that would be properly classified as Professional Assistance. Clerical assistance does not extend to inspection, selection of market data or assistance that leads to the analyses, opinions and conclusions in the report. Examples of clerical assistance include data collection; collating reports; preparing appendices, maps and sketches; spelling and grammar checking.
As an example: A Retired Member may perform general data collection which may include searching all sales of a particular type of property over a specified period of time, but may not include the selection of specific data/sales that are to be used in an analysis.
Retired Members are advised to have “one-off” insurance to testify to files that were completed prior to retirement. Before testifying, Retired Members should seek single file insurance endorsement through Hub: https://www.aicanada.ca/members-home/manage-my-membership/liability- insurance/
The national portion of the annual retired dues/fees is set at $50+plus applicable taxes. Members are also subject to any provincial retired fees owing as well. Please contact your local provincial office directly to confirm the amount owing prior to sending in payment.
The Extended Reporting Insurance Coverage can be purchased at the end of the year at the time of the annual insurance renewal.
Members who choose to Resign from the AIC will not have an option to acquire Extended Reporting Insurance Coverage and would not have coverage for any work that was completed prior to their resignation as an AIC Member. As an inactive, resigned Member, the former member would no longer be under the purview of the AIC and could undertake any employment they choose.
