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.
$1 Million Per Claim / $2 Million Aggregate – $758
$2 Million Per Claim / $2 Million Aggregate – $893
$3 Million Per Claim / $3 Million Aggregate – $1,058
$4 Million Per Claim / $4 Million Aggregate – $1,448
$5 Million Per Claim / $5 Million Aggregate – $1,728
The coverage year for the IFB E&O program runs from July 1, 2019 to July
1, 2020. Premiums will be pro-rated based on the inception date of
Premiums do not include applicable provincial tax, as follows:
ON – add 8% tax; QC – add 9% tax; MB – add 8% tax; NL – add 15% tax;
SK – add 6% tax.
Premiums include all mandatory coverages required by provincial regulations.
DAS Legal Expense Coverage for you and your family is automatically
included in your new or renewing E&O plan. You’ll receive coverage
for employment disputes, contract disputes, tax protection and more, and
you’ll have unlimited access to a 24/7 Legal Helpline – exclusively for
IFB members. If you’ve ever had to call a lawyer, you’ll know that
this coverage is worth hundreds of dollars.
For additional information on this coverage, please contact Nancy Bennett
of The Magnes Group Inc. at 905-845-9793 x370 or via email
Accidental 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. This coverage also
includes DAS Legal Expense coverage and AD&D Insurance.
Premium information is as follows:
$1 Million Per Claim / $2 Million Aggregate – $553
$2 Million Per Claim / $2 Million Aggregate – $903
This endorsement provides you with the option to upgrade your E&O
insurance coverage for a $170 flat premium (excluding any applicable tax):
The IFB E&O program offers up to 50% off your first E&O
insurance premium if you’re 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.
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.
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 area as follows:
Magnes is also the broker for the IFB sponsored Corporate E&O
program. For more information on the Corporate Coverage Solution, For
additional information on this coverage, please
contact Nancy Bennett of The Magnes Group Inc. at 1-800-650-3435,
extension 370 or via email at firstname.lastname@example.org.
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.
Extended Reporting Period (ERP or tail cover) is available for those
retiring or leaving the business. Please contact Nancy Bennett of
The Magnes Group Inc. at 800-650-3435, extension 370 or
via email at email@example.com.
Let’s Get Started!