Richardson Wealth Limited

To be eligible for this professional liability insurance program, you:

• Must be employed by Richardson Wealth
• Must be a licensed life insurance and/or accident and sickness advisor
• Must be a registered representative of the Investment Industry Regulatory Organization of Canada (IIROC)

Also granted coverage under this policy are:

• Licensed and unlicensed assistants of the insured advisor, while acting in their duties as an assistant (i.e., they do not maintain their own book of business or perform an advisor’s professional services)
• Managers or supervisors of the insured advisor, but only with respect to liability arising out of the advisor’s activities in performing professional services
• Spouses, estates and legal representatives of the insured advisor, but only under specific circumstances

Please familiarize yourself with these important details of the Richardson Wealth insurance policy:

• Policy period: May 15, 2025 –May 15, 2026
• Limits: See “Pricing Details” for limit options and premiums
• Deductible: $1,000 on life and $10,000 on securities
• Additional Coverage Included:
  • Cyber Extension (with Network Extortion and Business Interruption): $1M Policy Aggregate / $250K Per Individual Insured
  • Fraudulently-Induced Client Funds Transfer: $500k Policy Aggregate / $50k Per Individual Insured
  • Cost of Corrections: $1M Policy Aggregate / $50k Per Individual Insured
• Extended Reporting Period Coverage for Cessation of Business: 1-10 Years Available for Purchase
   

While your individual errors and omissions insurance may provide some coverage to your licensed company under certain circumstances, this coverage may not satisfy regulatory requirements in the provinces where your company is licensed.

If your corporation is a "personal corporation" (i.e., owned solely by you or your spouse, does not have partner/employees and exists for the purpose of limiting personal liability) and is licensed in Alberta, Saskatchewan, Newfoundland or Quebec, it cannot share limits with your individual coverage and must have its own separate limit of insurance.

There is a separate  application for this coverage (and an additional premium) which can be obtained by emailing Marc Perpuse.

If your corporation is licensed in other provinces, you may be able to include your corporation under “personal corporation” on the application, which will allow your personal corporation to share a limit with you.

Premiums in all instances will be fully earned. This means that if you cancel coverage mid-term, there will be no return premium; however, your coverage will stay in place until the expiry date in the form of a “run-off” or extended reporting period.

Dual licensed advisors will make two selections: one for their life coverage (Coverage A) and one for their securities coverage (Coverage C)

Licensed assistants

• Coverage for licensed life assistants and dually licensed assistants
• Assistants must not maintain their own book of business
• Life Licensed Assistants in BC must purchase Coverage A/cannot purchase assistant coverage per BC regulation