Crius Financial Services Corporation,

Crius Financial Services (Ontario) Corporation, AND

Crius Financial Services (SASKATCHEWAN) Corporation

What is Professional Liability Insurance?

Professional Liability Insurance or, Errors & Omissions (E&O) Insurance, covers actual or alleged errors, omissions or negligent acts in your rendering of professional services to clients. By establishing this program, Crius Financial Service Corp is taking proactive measures to safeguard your credibility, reputation and personal liability as an Advisor.

BUYER ELIGIBLITY*

Eligibility:

  1. You must be employed by/hold a contract with Crius Financial Services Corporation, Crius Financial Services (Ontario) Corporation (Crius) OR Crius Financial Services (Saskatchewan) Corporation;
  2. You must be a licensed Life Insurance Agent and/or Accident and Sickness Agent
  3. You may also be registered with the Mutual Fund Dealers Association (MFDA)

Who else is granted coverage under the Agent’s certificate?

  1. Licensed and unlicensed assistants of the agent, while acting in their duties as such.They do not maintain their own book of business, nor perform agent professional services as defined under the policy.
  2. A manager or supervisor of the agent, but only with respect to liability arising out of the agent’s activities in their (the agent’s) performance of professional services as defined in the policy.
  3. Spouses, Estates and legal representatives of the agent under specific circumstances.

 

Coverage

Policy Period: May 1, 2016 - May 1, 2017 (premiums are prorated based on the date you apply)

Limits of Insurance Available:  $1,000,000 - $5,000,000. There is no program aggregate.   

Deductible: $1,000 Life and Mutual Fund Claims

Defence Costs: In excess of the Limit of Liability. The deductible is not applicable to defence costs.Applies only to claims which give rise to suits or judicial proceedings brought against the insured within Canada.

Prior Acts: The inception date of the Insured's first claims made professional liability policy for Professional Services as , provided such coverage has been maintained in force and without interruption.

Coverage for Appearance before a Disciplinary Body: $10,000 Sub-limit per Insured Agent, no policy aggregate (every Insured Agent may trigger this coverage).

Vicarious Liability Coverage for Firms:  Coverage extends to the MGA through which the Agent is contracted to do business.    

Extended Reporting Period Coverage:  1-10 years is available for purchase

Privasure: Provides coverage to a maximum of $50,000 less $5,000 deductible (maximum payable by the insurer=$45,000) Additional premium is $75.00

Cost

This product is available only for Licensed Life Agents/Accident & Sickness/Segregated Funds Coverage/Mutual Funds

Premium is based on the number years the agent has been licenced (in their practice).

Fraud coverage for Life Agents in Ontario, Saskatchewan, Alberta, Manitoba and Newfoundland is included in the premium.

 Coverage A: Life, Accident and Sickness, Segregated Funds

LIMITS

PREMIUM Per Agent

1st Year Practicing

PREMIUM Per Agent

2nd Year Practicing

PREMIUM Per Agent

3 or more Years Practicing

$1,000,000 / $2,000,000

$364.80  

$456.00  

$608.00  

$2,000,000 / $2,000,000

$405.00

$506.25  

$675.00  

$3,000,000 / $3,000,000

$486.00  

$607.50  

$810.00  

$4,000,000 / $4,000,000

$648.00  

$810.00  

$1,080.00  

$5,000,000 / $5,000,000

$764.40  

$955.50  

$1,274.00  

 

Coverage A+B: Life, Accident & Sickness, Segregated Funds & Mutual Funds

 

LIMITS  

PREMIUM Per Agent  

1st Year Practicing  

PREMIUM Per Agent  

2nd Year Practicing  

PREMIUM Per Agent  

3 or more Years Practicing  

$1,000,000 / $2,000,000  

$405.00  

$506.25 

$675.00 

$2,000,000 / $2,000,000  

$450.00  

$562.50 

$750.00 

$3,000,000 / $3,000,000  

$540.00  

$675.00 

$900.00 

$4,000,000 / $4,000,000  

$720.00  

$900.00 

$1,200.00 

$5,000,000 / $5,000,000  

$849.00  

$1,061.25 

$1,415.00

 

 Broker Commission: 20%

Payment Type: Visa or Mastercard

ASK AN ADVISOR OR TO REPORT A CLAIM

Your Trusted E&O Advisor:

Yasir Baqa, Account Assistant

B: 416-597-7706
F: 416-597-3791
Toll Free: 1-844-344-4562
yasir.baqa@hubinternational.com

Links:

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