Overview

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By establishing a Professional Liability Program for Advisors and Contracted Advisors, HUB Capital Inc./HUB Financial Inc. is being proactive about safeguarding your credibility, reputation and personal liability.

What is Professional Liability Insurance?

Professional Liability or, Errors & Omissions (E&O), Insurance covers actual or alleged errors, omissions or negligent acts in your rendering of professional services to clients.

Eligibility

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Only those who are employed by HUB Capital Inc., or who have a contract with
HUB Financial Inc. are eligible for coverage.
 

1. Any individual who is a licensed Life Insurance Agent and Accident and Sickness Agent and is currently contracted with HUB Capital Inc./HUB Financial Inc. 

2. Any individual who is registered with the Mutual Fund Dealers Association (MFDA), maintains a contract with a Mutual Fund Dealer and is currently contracted with HUB Capital Inc./HUB Financial Inc.   

3. Any employee of the Insured Individual, including licensed and unlicensed assistants, while acting in their duties as such. Coverage shall not apply to any employee for their performance of Professional Services (i.e. the assistant must not maintain their own book of business).

4. Any manager or supervisor of the Insured Individual, but only with respect to liability arising out of the Insured Individuals activities in the performance of Professional Services (i.e. the manager or supervisor must not maintain their own book of business).

5. Any Personal Corporation, but only with respect to liability arising out of the Insured Individual's activities in the performance of Professional Services.

6. Any Firm, but only with respect to its vicarious liability incurred in the performance of Professional Services by an Insured Individual for a Client.

7. Any individual or entity seeking coverage under this Policy based on the definition of Insured Individual provided above must produce a valid Certificate of Insurance as evidence of such coverage.

Note: Coverage is extended to spouses and estates but only for the rendering of Professional Services by the Insured Individual

BASIC COVERAGES

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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.

CORPORATE COVERAGE

Coverage for your firm or corporation as an ‘Insured’: 

  • This coverage can be extended to a personal corporation; this is a shared limit of insurance.

  • 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 required.

  • 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 Strong.

Optional Coverages:

  • 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.

Program Premiums

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Notes:

  • Our program provides regulatory compliant coverage for life and/or mutual funds licensed advisors wherever they are licensed in Canada. However, in provinces where a separate limit of insurance is required for a licensed firm or corporation, corporate coverage needs to be purchased.

  • Price includes Fraud coverage for Life Agents in Ontario, Saskatchewan, Alberta, Manitoba and Newfoundland.
  • Premium will be prorated to the date that you apply based on a January 1st to January 1st policy period.
  • $45 Broker fee will apply.


HUB CAPITAL REPRESENTATIVES ONLY

    COVERAGE A+B: For Agents with Life Insurance and/or Accident & Sickness Insurance Licenses, Segregated Funds, and Mutual Funds Licenses.  

    LIMITS (Occurrence/Aggregate) PREMIUM
    $1,000,000 / $2,000,000 $495 per agent
    $2,000,000 / $2,000,000 $620 per agent
    $3,000,000 / $3,000,000 $705 per agent
    $4,000,000 / $4,000,000 $925 per agent
    $5,000,000 / $5,000,000 $1,140 per agent

     

    HUB Financial Brokers Only

    COVERAGE A+B: For Agents with Life Insurance and/or Accident & Sickness Insurance Licenses, Segregated Funds, and Mutual Funds Licenses. FOR BROKERS WHO PLACE MUTUAL FUND BUSINESS THROUGH A MUTUAL FUND DEALERSHIP THAT IS NOT HUB CAPITAL INC.

    LIMITS (Occurrence/Aggregate) PREMIUM
    $1,000,000 / $2,000,000 $595 per agent
    $2,000,000 / $2,000,000 $720 per agent
    $3,000,000 / $3,000,000 $805 per agent
    $4,000,000 / $4,000,000 $1,025 per agent
    $5,000,000 / $5,000,000 $1,240 per agent

     

    COVERAGE A: Licensed Life Agents/Accident & Sickness/Segregated Funds

    LIMITS (Occurrence/Aggregate) PREMIUM
    $1,000,000 / $2,000,000 $425 per agent
    $2,000,000 / $2,000,000 $530 per agent
    $3,000,000 / $3,000,000 $610 per agent
    $4,000,000 / $4,000,000 $815 per agent
    $5,000,000 / $5,000,000 $990 per agent

     

     HUB Capital Representatives and HUB Financial Brokers

     COVERAGE C: Licensed Life Assistants Only

    LIMITS (Occurrence/Aggregate) PREMIUM
    $1,000,000 / $2,000,000 $250 per agent

    Ask an Advisor

    Your Trusted E&O AdvisorS:

    Lesley Strong, Account Manager

    B: 416-597-4593 
    lesley.strong@hubinternational.com

    Yasir Baqa, Account Associate

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

    For brokers residing in quebec

    Annie Bourdages
     
    Tél. : (514) 284-8080
    annie.bourdages@hubinternational.com

    Links:

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