The Home Inspection Business Regulation, passed by the provincial cabinet on May 11, 2011 requires that inspectors be licensed and that they carry $1 million in errors and omissions insurance and post a $10,000 security to cover consumer losses if they fail to do their jobs.
The new regulation also bans contracts that limit liability, establishes minimum qualifications and allows for prosecution under the Fair Trading Act with a maximum fine of $100,000.
We at MyHomeAgent haven’t read the legislation but we are hopeful it achieves uniformity and accountability in the industry.