Premium Information for Life Brokers and Mutual Fund Reps
$1 Million – $695
$2 Million – $795
$3 Million – $945
$4 Million – $1,285
$5 Million – $1,495
The coverage year for the IFB E&O program runs from July 1, 2017 – July 1, 2018. Premiums do not include premium tax, where applicable. ON – add 8% tax; QC – add 9% tax; MB – add 8%; NL – add 15%; SK – add 6%. Premiums include all mandatory coverages required by regulation.
NEW! DAS Legal Expense Coverage
DAS Legal Expense Coverage for you and your family will automatically be included in your renewal. You’ll receive coverage for employment disputes, contract disputes, tax protection and more, and you’ll have unlimited access to a 24/7 Legal Helpline – exclusively for IFB members! If you’ve ever had to call a lawyer, you’ll know that this coverage is worth hundreds of dollars! For more information on DAS Legal Expense Coverage, click here.
NEW! Accidental Death and Dismemberment Insurance
Accident Death and Dismemberment insurance will automatically be included in your new or renewing plan. This coverage will protect you during YOUR working hours – so, in other words, any time you are travelling to or from a client meeting, whether it’s during regular business hours or an evening or weekend!
NEW! E&O insurance for Certified Financial Planners®
E&O insurance is now available for unlicensed fee-for-service financial planners who hold a valid CFP® designation. This coverage also includes DAS Legal Expense coverage and AD&D! Premiums are $525 for a $1 million limit, and $875 for a $2 million limit.
NEW! IFB ELITE Endorsement
Upgrade your E&O coverage for a $160 flat premium.
- Enhancement A: Increased Regulatory Investigation limit to $50,000 (currently a $25,000 limit).
- Enhancement B: Unlimited Defense Costs on covered claims (currently included within limit of insurance carried).
- Enhancement C: Accidental Death and Dismemberment Insurance with 24/7 Personal and Business coverage (currently Business coverage only).
Up to 50% Discount for New Brokers
We want to give a helping hand to people who are just starting out in the industry. IFB offers up to 50% off your first E&O premium if you’re a new financial broker. To qualify for this discount, you must be a newly licensed Life or Mutual Fund representative; never held a license before, and never held E&O coverage before.
Optional Privacy and Network Security Breach Response Insurance
Data security is a paramount exposure in the financial services industry. A breach of data can be ruinous, in terms of costs to comply with notification requirements, potential liability claims, and damage to your business reputation. This coverage available to IFB members addresses these evolving exposures – it protects your business from claims and other exposures resulting from a breach of data security. This breach insurance includes:
- Network Security and Privacy Liability coverage – $100,000 per claim/aggregate
- Network Security Event Crisis Management Expense – $50,000 per claim/aggregate
- Regulatory Action Coverage – $50,000 per claim/aggregate
- Computer System Extortion Expense and Loss Coverage – $50,000 per claim/aggregate
Deductible: $5,000 per claim, where applicable.
Flat rate Premium: $50 plus tax, if applicable.
For more information on our Privacy and Network Security Breach Response Insurance, click here.
Optional E&O Insurance Coverage for Exempt Market Dealer Representatives (EMDR):
IFB plan members can now purchase coverage for their activities as a registered Exempt Market Dealer Rep, provided these activities are conducted through a Registered Exempt Market Dealer. Coverage is issued as an endorsement on your certificate of insurance.
This limit is included in the overall coverage limit selected, and is not in addition to the overall limit. A $25,000 deductible applies for EMDR coverage.
- $250,000 per claim/$250,000 aggregate limit
- Premium July 1, 2017 – July 1, 2018 — $500.00 (plus tax, where applicable)
Coverage for your Corporation
Magnes is also the broker for the IFB sponsored Corporate E&O program. For more information on the Corporate Coverage Solution, contact The Magnes Group at 1-800-650-3435.
Coverage for Referrals
Subject to the terms of the policy, your referral business is covered provided you disclose in writing to your clients any compensation arrangement that you receive for the referral.
If You’re Leaving the Business
Extended reporting (ERP or tail cover) is available for those retiring or leaving the business. The cost to purchase ERP is:
|Duration of Extension of Coverage:
||% of Expiring Policy Premium:
To apply for Extended Reporting cover, call 905-279-2727 or toll-free 1-888-654-3333.