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Policy Period: January 1, 2016 - January 1, 2017 (premiums are prorated based on the date of purchase).
Limits of Insurance: Per Limit purchased as evidence on the Certificate issued. There is no program aggregate.
Territory: Applies only to claims which give rise to suits or judicial proceedings brought against the insured within Canada.
Deductible: $1,000 Life and Mutual Fund Claims.
Defense Costs: In excess of the Limit of Liability. The deductible is not applicable to defense costs.
Prior Acts: Are covered commencing as of the inception date of the Insured's first claims made Professional Liability Insurance policy for Professional Services provided such coverage has been maintained in force and without interruption and there is no Retroactive Date applied.
Coverage for Appearance before a Disciplinary Body: $20,000 Sub-limit per Insured Agent, $1,000 deductible, no policy aggregate (every Insured Agent may trigger this coverage).
Vicarious Liability Coverage for Firms: Coverage extends to the Managing General Agency (MGA) through which the Agent is contracted to do business.
Extended Reporting Period Coverage: Possible to purchase 1 to 10 years. Click here for more information.
Coverage for your firm or corporation as an ‘Insured’:
- This coverage can be extended to a personal corporation; this is a shared limit
- This will not satisfy all regulators, as some require a
dedicated limit of insurance for a life licensed firm. Check with the Provincial Regulators with which your company is licensed to determine if a separate limit of insurance is
- If your company requires a separate limit of insurance, or
your company does not fall under the definition of personal corporation, you
will require separate corporate E&O.
For assistance in French or if
you are in Quebec, contact Annie Bourdages. Otherwise, contact Lesley
- Transactional Error Coverage: Maximum coverage of $25,000 with a $10,000 deductible inclusive of the Limit. Additional Premium of $200 per agent. Click here for more information.
- Privasure Insurance Endorsement: $50,000 Limit, $5,000 deductible, no program aggregate, for an Additional Premium $50.
- Exempt Market Products Representative: $250,000 Sublimit, $25,000 Deductible, $ 2,500,000 policy aggregate for all insureds, Additional premium $400.
Claims Reporting Information
The insurer for this program is AXIS.