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 $795!
$1 Million Per Claim / $2 Million Aggregate – $795
$2 Million Per Claim / $2 Million Aggregate – $980
$3 Million Per Claim / $3 Million Aggregate – $1,205
$4 Million Per Claim / $4 Million Aggregate – $1,700
$5 Million Per Claim / $5 Million Aggregate – $2,050
The coverage year for the IFB E&O program runs from July 1, 2022 – July 1, 2023. Premiums will be pro-rated based on the inception date of coverage. 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%.
Premiums include all mandatory coverages required by regulation.
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.
No complicated rate charts and level premiums across the country for life insurance brokers and mutual fund advisors.
Pay your premium with Visa or MasterCard.
Coverage for Exempt Market Dealer Reps & low cost Privacy and Network Security coverage. Upgrade with IFB ELITE Endorsement.
Coverage arranged with AXIS Reinsurance Company.
NEW – Lifetime Extended Reporting Period (ERP) available.
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.
Premiums paid by personal/company cheque or premium financing are subject to a $15 processing charge.
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.
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).
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:
Flat rate Premium: $350
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.
This limit is included in the overall coverage limit selected, and is not in addition to the overall limit. A $25,000 deductible applies for EMDR 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, your employees are covered including mutual fund licensed assistants at no additional cost.
Extended Reporting Period (ERP or tail coverage) is available for those retiring or leaving the business.
For additional information on this coverage, please contact Michelle Cartwright of The Magnes Group Inc. at 1-800-650-3435, extension 366 or via email at email@example.com.
You bet! The IFB plan offers coverage for referrals, including referrals that are done for a fee provided that you disclose that fee to your client.
Yes, it does! The IFB program provides for $25,000 in legal costs for each and every plan member should he/she be called to appear before a regulatory body. There’s no plan cap on that coverage, and it’s worth checking with your current insurer to see if they a) provide this coverage and b) put a cap on the maximum they’ll payout. The IFB plan does provide it, and we don’t cap it.
Yes, it does! We have the following limits available:
Plus, the IFB program is designed to cover any requirements mandated by a provincial insurance regulator, even if a regulatory requirement is introduced mid-term.
The IFB program has no plan aggregate – this is one of the key benefits of our program. Some of the other industry programs do contain a cap on total claims paid out for all insured participants in a group.
This could be quite alarming to a financial advisor in that even if you do carry insurance and even if the policy does cover the claim you may not be afforded coverage if the plan has already been exhausted from claims by other participants in the program.
AXIS Reinsurance Co., the underwriter of the IFB E&O program, has an S&P rating of A+, and is rated A (Excellent) by A.M Best.
There are a lot of people ‘behind the scenes’ of the IFB E&O plan, and we’re all justifiably proud of the product we’ve created. It’s designed to be the most broadly worded, most competitively priced, and best managed E&O program available to independent brokers. The current plan is the result of many years of hard work by IFB members and staff, and has been elevated in the past few years by the addition of a high caliber, service oriented broker, The Magnes Group. And we’ve taken it to a whole new level with the addition of AXIS Reinsurance Co. as the underwriter of the plan.
Together, we’ve created an E&O program that’s unstoppable!
We always encourage our members to keep the lines of communication open. If something makes you stop and wonder whether you ought to call the broker, then by all means: call the broker. And the good news is: our broker will take your call! You will find Roberta and the entire team at Magnes to be open, helpful and knowledgeable – and that’s a refreshing change in E&O brokers!
Yes, we do! At virtually every Summit or Event that we hold, our broker is on hand to give seminars on all aspects of E&O insurance, including such important topics as claims prevention, and important features of your E&O coverage. And we even do house calls! If you have a group of advisors who would like an E&O presentation in a smaller setting, we’re happy to arrange to come to your office and do so. If you’d like more information, just send an email to Nancy Allan (firstname.lastname@example.org) indicating your location and the number of brokers who are interested in attending.
Not only does our broker make educational presentations at Summits and Events – she sticks around to talk to members, too! Just stop by the IFB booth and ask for Roberta. She’ll be happy to chat with you one-on-one.
Your IFB Membership gives you a seat at the table when policy decisions impacting
your business are discussed.
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