Errors & Omissions Insurance Exclusive to IFB Members

We want to give a helping hand to people who are just starting out in the industry. IFB offers up to 50% off your first E&O premium if you’re a new financial broker. To qualify for this discount, you must be a newly licensed Life or Mutual Fund representative; never held a license before, and never held E&O coverage before. 

NOTE: Discount for Newly Licensed Advisors only applies to the first policy term of coverage

Subject to the terms of the policy, your referral business is covered provided you disclose in writing to your clients any compensation arrangement that you receive for the referral.

Subject to the terms of the policy and at no additional cost:

• For Life/A&S Advisors, unlicensed assistants are automatically covered
• For Mutual Fund Representative Advisors, both mutual fund licensed assistants and unlicensed assistants are automatically covered

Waiver of deductible in the event of a Life, A&S, or Mutual Fund claim if you have been insured under the IFB members’ plan and have been claims free for at least 3 years.

Extended Reporting Period (ERP or tail coverage) is available for those retiring or leaving the business.

Various Term options of Extended Reporting Period (ERP) coverage available, including Lifetime

Accident Death and Dismemberment insurance will automatically be included in your new or renewing plan. This coverage will protect you during YOUR working hours – so, in other words, any time you are travelling to or from a client meeting, whether it’s during regular business hours or an evening or weekend!

E&O insurance is now available for unlicensed fee-for-service financial planners who hold a valid CFP® designation.

Premiums are as follows:

$1 Million PerClaim / $2 Million Aggregate – $605

$2 Million Per Claim / $2 Million Aggregate – $1,025

Premiums do not include applicable provincial tax, as follows:

ON – add 8% tax; QC – add 9% tax; MB – add 8%; NL – add 15%; SK – add 6%.

The endorsement provides you with the option to upgrade your E&O insurance coverage for a $250 flat premium (excluding any applicable taxes).

Coverage Details:

• Enhancement A: Increased Regulatory Investigation limit to $50,000 (currently a $25,000 limit).
• Enhancement B: Unlimited Defense Costs on covered claims (currently included within limit of insurance carried).
• Enhancement C: Accidental Death and Dismemberment Insurance with 24/7 Personal and Business coverage (currently Business coverage only).

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. The optional 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.

Limit/Premium information is as follows:

Limit: $100,000

Deductible: $1,000

Flat rate Premium: $375

For more information on our Privacy and Network Security Breach Response Insurance, click here.

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.

Limit of Insurance: $250,000 per claim/$250,000 aggregate limit

Deductible: $25,000

Premium: $695 (plus tax, where applicable)

NOTE: This limit is included in the overall E&O coverage limit selected as a financial advisor, and is not in addition to the overall limit. 

Magnes is pleased to offer multiple payment options for our program members, as follows:

• Integration with your on-line banking portal.
• Electronic Check (using bank account information provided by you).
• Premium financing (where applicable)
• Credit Card Payment

* NOTE: a payment fee may be charged where applicable