Take the "NO FEE challenge: Click here to request a personalized quote

 

Click here to read the answers to some frequently asked questions!

 

2012 - 2013 E&O Insurance

Magnes, the broker for the IFB E&O program, has once again successfully negotiated the best rates and coverage available to independent brokers -- starting from just $630!

Features of the 2012 - 2013 IFB E&O Individual Broker Plan:

  • LOWER PREMIUMS - rates have gone down - again - for 2012-2013, and the IFB E&O plan is 'No Fee' E&O -- no broker fees, no 'fund' fees. When comparing rates, be sure to check if your current provider tacks on these extra charges.
  • LIMITS OF $1 MILLION to $5 MILLION - and all levels in between.
  • SIMPLIFIED PREMIUMS - no complicated rate charts and level premiums across the country for life insurance brokers and mutual fund advisors!
  • CREDIT CARDS NOW ACCEPTED! Pay your premium with Visa or Mastercard*
  • GREAT OPTIONAL EXTRAS -coverage for Exempt Market Dealer Reps & low cost Privacy and Network Security coverage
  • Coverage arranged with AXIS Reinsurance Company
  • Extended Reporting available!

Apply online using our secure application

(New members will require a username and password in order to access the online application. Please call 905-279-2727 to request this information)

To download the 2012-2013 Policy Wording, click here.

Premium Information for Life Brokers and Mutual Fund Reps:

$1 Million
$2 Million
$3 Million
$4 Million
$5 Million
$630
$730
$900
$1,240
$1,395

The coverage year for the IFB E&O program runs from July 1, 2012 - July 1, 2013. Premiums do not include premium tax, where applicable. ON - add 8% tax; QC - add 9% tax. Premiums include all mandatory coverages required by regulation.

13 month coverage is available for June 1, 2012 - July 1, 2013. Click here for premiums.

Want to learn more about the features of the IFB E&O Plan? Click here.

Other optional coverage now available to IFB E&O Plan members:

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 $5,000 deductible applies for EMDR coverage.

  • $250,000 per claim/$250,000 aggregate limit
  • Premium July 1, 2012 - July 1, 2013 - $250.00 (plus tax, where applicable)

NEW! 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.

Click here to learn more about this important extra coverage!

It includes::

  • A: Network Security and Privacy Liability coverage - $100,000 per claim/aggregate
  • B: Network Security Event Crisis Management Expense - $50,000 per claim/aggregate
  • C: Regulatory Action Coverage - $50,000 per claim/aggregate
  • D: Computer System Extortion Expense and Loss Coverage - $50,000 per claim/aggregate

Deductible: $5,000 per claim, with the exception of D, to which no deductible applies

Flat rate Premium: $50 plus tax, if applicable

Downloadable application forms

Would you prefer a paper application? Click on the link below to download an application you can print and complete

New Plan Member Applications - for Brokers for Licensed Mutual Fund Assistants

Renewing Plan Members can renew online using our secure application

Other downloadable documents:
Declaration for those with personal/family owned corporation

 

Leaving the business?

Extended reporting (ERP or tail cover) is available for those retiring or leaving the business. IThe cost fo purchase ERP is:

Duration of Extension of Coverage: % of Expiring Policy Premium:
One Year
75%
Two Years
100%
Three Years
125%
Four Years
150%
Five Years
165%
Six Years
180%
Seven Years
235%
Eight Years
285%
Nine Years
335%
Ten Years
385%

To apply for Extended Reporting cover, call 905-279-2727 or toll-free 1-888-654-3333.

Do you need 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, click here.

 

*Premiums paid by credit card, cheque, money order or premium financing are subject to a $15 processing charge.