Dear IFB Individual E&O Insurance Program Member:
Magnes is pleased to be able to deliver to members of IFB one of the most competitive and market leading Advisor Errors & Omissions (E&O) Insurance programs the industry has to offer.
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The coverage year for the IFB E&O program runs from July 1, 2022 to July 1, 2023. Premiums will be pro-rated based on the inception date of coverage.
Premiums include all mandatory coverages required by provincial regulations.
IFB plan members can now purchase coverage for their activities as a registered Exempt Market Dealer Representative provided these activities are conducted through a Registered Exempt Market Dealer. Coverage is issued as an endorsement on your certificate of insurance subject to the purchase of E&O insurance as a Life/A&S Advisor.
This limit is included in the overall E&O coverage limit selected, and is not in addition to the overall limit.
Coverage details are as follows:
E&O insurance is now available for unlicensed fee-for-service financial planners who hold a valid CFP® designation.
Premium information is as follows:
This endorsement provides you with the option to upgrade your E&O insurance coverage for a $250 flat premium:
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.
The IFB E&O program offers up to 50% off your first E&O insurance premium if you are a newly licensed financial advisor. To qualify for this discount, you must be a newly licensed Life/A&S and/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.
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 firstname.lastname@example.org.
Accidental Death and Dismemberment insurance will automatically be included within your policy. 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 is during regular business hours or an evening or weekend.
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:
Magnes is also the broker for the IFB sponsored Corporate E&O program. For more information on the Corporate Coverage Solution, please contact Diana Cromwell of The Magnes Group Inc. at 1-800-650-3435, extension 324 or via email at email@example.com.
NOTE: Above noted premiums do not include applicable provincial tax:ON—8% tax, QC—9% tax, MB—7% tax, NL—15% tax, SK—6% tax.
For more information call The Magnes Group Inc. at 1 800-650-3435 extension 366.
The information outlined above is only a summary, and does not include all terms, conditions, or exclusions of the coverage described in the policy. For any coverage or claims related inquiries on the IFB E&O Program please kindly contact Michelle Cartwright of The Magnes Group Inc. at 1-800-650-3435, extension 366 or via email at firstname.lastname@example.org.
This is only an outline of the policy and should not be relied upon. Certain policy exclusions and limitations may apply in any given fact situation and limit the amount excluded and payable under this insurance coverage. Full terms and conditions of this insurance, including all exclusions and limitations are described in the policy document, a copy of which can be obtained from The Magnes Group Inc.
Magnes does not guarantee or make any representation or warranty that insurance can be placed on terms acceptable to a client.
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If you require assistance, please contact The Magnes Group at +1 800-650-3435 (Toll Free).If you require assistance, contact The Magnes Group at +1 800-650-3435.The Magnes Group: +1 800-650-3435 (Toll Free)