Program Overview | Meritrust Financial Advisor E&O Insurance Program

Welcome to the Meritrust Financial Group Inc. Advisor E&O Insurance Program

To All Meritrust Financial Group Inc. Advisors:

In partnership with our broker The Magnes Group Inc. and our insurer AXIS Reinsurance Company we are pleased to be able to deliver to our valued advisors one of the most competitive and market leading E&O programs the industry has to offer.

Please note that as of January 1, 2018 all advisors holding a valid contract with Meritrust Financial Group Inc. are required to purchase their E&O insurance under this plan. Subject to the terms and conditions of coverage, some key highlights of the new Meritrust Financial Group Inc. program are as follows:

  • Limit options of $1,000,000, $2,000,000 and $5,000,000 available
  • 10% discount for Newly Licensed Advisors - within 30 days of obtaining license
  • First Dollar Defense coverage automatically included (deductible only applies to damages)
  • Coverage extends to any employee of the advisor, including licensed and unlicensed assistants while acting in their duties as such (NOTE: Licensed life assistants are required by the regulator to maintain their own individual E&O insurance limit)
  • Coverage for referral activity automatically included (NOTE: referral fee needs to be disclosed to client for coverage to apply)
  • Coverage extended to advisors for activities relating to sales management and supervisory activities
  • Full policy limits available for investigative regulatory matters
  • Extended Reporting Period (Tail) Coverage – from One Year to Lifetime options available
  • Optional Corporate E&O insurance is available for any advisor firm that requires this coverage (subject to additional premium)

Premiums:

Limit of Liability Annual Premium
Each Claim/Aggregate Life Coverage Only Life and Mutual Funds Coverage
$1,000,000/$2,000,000 $575 $695
$2,000,000/$2,000,000 $730 $875
$5,000,000/$5,000,000 $1,100 $1,245
Limit of Liability Annual Premium - Newly Licensed
Each Claim/Aggregate Life Coverage Only Life and Mutual Funds Coverage
$1,000,000/$2,000,000 $518 $626
$2,000,000/$2,000,000 $657 $788
$5,000,000/$5,000,000 $990 $1,121
* Premiums exclude applicable taxes (ON, MB – 8% / SK – 6% / NL – 15% / QC – 9%)
* Coverage is subject to $1,000 deductible

How To Activate Coverage:

For newly licensed advisors to the industry, enrollment into the Meritrust Financial Group Inc. advisor E&O program can occur immediately upon licensing completion.

For existing licensed advisors, you are required to transfer your E&O insurance to the Meritrust Financial Group Inc. Advisor E&O Program prior to your current E&O insurance expiry date.

Let’s Get Started!