- No more "one-size-fits-all"
- An insurer that understands that all corporate
entities are not the same -- and neither is the risk!
- Premiums starting from $500 with limits
up to $5,000,000!
IFB is pleased to offer its members a breakthrough
in errors and omissions insurance for corporations. Corporate Errors
and Omissions coverage is a mandatory requirement for entities such
as Managing General Agencies (MGAs), Personal Corporations, and
Associate General Agencies (AGAs) in some jurisdictions. In the
past, many small to mid-sized corporate entities, however, have
found the cost of purchasing such coverage to be prohibitive, with
price tags often in the thousands of dollars.
Aware of the need to find a solution for
those caught in the gap between regulatory requirement and fiscal
reality, IFB worked with its broker, The Magnes Group of Oakville,
Ontario, to develop a Corporate E&O program that provides high
quality coverage for insurance agencies at a price that is commensurate
with the size of the corporate entity.
The Corporate Coverage Solution is underwritten
by Echelon General Insurance Company, and offers premiums starting
at only $500, with limits up to $5 million. The program, which is
designed to work in tandem with the long-established IFB individual
broker plan, is individually underwritten and no program aggregate
Frequently Asked Questions:
Who Needs Corporate Coverage?
Personal Corporations, Associate General
Agencies, Associate Managing General Agencies, Managing General
Agencies, Personal Producing General Agents, and Mutual Fund Dealers
should carry corporate Errors and Omissions insurance.
What's the difference between Individual
E&O Insurance and the Corporate Coverage Solution?
The IFB Corporate Coverage Solution protects
your company in situations where the 'defense cost' coverage on
an individual advisor's policy may not be adequate to protect your
company, or when your company is named alone on a claim.
Do I have to be an IFB member to
obtain the Corporate Coverage Solution?
Yes -- the IFB Corporate Coverage Solution
is just one example of how this Association works to meet the needs
of its members. All principals of the Corporation are required to
become IFB members and to maintain membership while coverage is
in force. To find out about the other benefits of membership in
IFB, click here.
Under what circumstances might individual
E&O coverage be insufficient to protect your company?
- Only the corporate entity is named in
- You have acquired a portfolio of business
and the selling agent no longer carries coverage
- An agent who was working with you has
left the business (or retired, or passed away) without any extended
reporting E&O coverage (sometimes known as 'tail cover' or
- An allegation is made that employees of
your corporate entity contributed to a claim
Is individual coverage still required
if I have Corporate Coverage?
Yes -- all licensed individuals are required
to maintain dedicated individual E&O coverage to be compliant
with provincial regulatory requirements.
How does the IFB Corporate Coverage
Solution work in tandem with the IFB Individual Broker program?
Your contracted brokers who have coverage
under the IFB Individual Broker plan provide valuable protection
for you. That Plan may defend you in the event your firm is sued
as a result of the broker's negligence, subject to the policy terms
and conditions. Your best protection is to have contracted brokers
who have IFB coverage! To learn more about the Individual Broker
Plan, click here.