E&O Insurance through IFB

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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 $650!

Features of the 2015 - 2016 IFB E&O Individual Broker Plan:

  • LOWER PREMIUMS - 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.
  • SIMPLIFIED PREMIUMS - no complicated rate charts and level premiums across the country for life insurance brokers and mutual fund advisors.
  • CREDIT CARDS NOW ACCEPTED - Pay your premium with Visa or MasterCard.
  • GREAT OPTIONAL EXTRAS - coverage for Exempt Market Dealer Reps & low cost Privacy and Network Security coverage.
  • Coverage arranged with AXIS Reinsurance Company.
  • Extended Reporting 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.

Premium Information for Life Brokers and Mutual Fund Reps:

$1 Million - $650 
$2 Million - $750 
$3 Million - $900
$4 Million - $1,240 
$5 Million - $1,395

​The coverage year for the IFB E&O program runs from July 1, 2015 - July 1, 2016. Premiums do not include premium tax, where applicable. ON - add 8% tax; QC - add 9% tax; MB - add 8%. Premiums include all mandatory coverages required by regulation.

13 month coverage is available from June 1, 2015 to July 1, 2016. Click here for the premiums.

Up to 50% Discount for New Brokers

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.

Optional Privacy and Network Security Breach Response Insurance:

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. This 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. This breach insurance includes:

  • Network Security and Privacy Liability coverage - $100,000 per claim/aggregate
  • Network Security Event Crisis Management Expense - $50,000 per claim/aggregate
  • Regulatory Action Coverage - $50,000 per claim/aggregate
  • Computer System Extortion Expense and Loss Coverage - $50,000 per claim/aggregate
Deductible: $5,000 per claim, where applicable.

Flat rate Premium: $50 plus tax, if applicable.

Click here to learn more about this important extra coverage.

Optional E&O Insurance Coverage for Exempt Market Dealer Representatives (EMDR):

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.

  • $250,000 per claim/$250,000 aggregate limit
  • Premium July 1, 2015 - July 1, 2016 -- $500.00 (plus tax, where applicable)
Coverage for your Corporation:

Magnes is also the broker for the IFB sponsored Corporate E&O program. For more information on the Corporate Coverage Solution, click here.

Coverage for Referrals:

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.

If You're Leaving the Business:

Extended reporting (ERP or tail cover) is available for those retiring or leaving the business. The cost to purchase ERP is:

Duration of Extension   
of Coverage:
% of Expiring
Policy Premium:
One Year 75%
Two Years 100%
Three Years 125%
Four Years 150%
Five Years 165%
Six Years 180%
Seven Years 235%
Eight Years 285%
Nine Years 335%
Ten Years 385%

To apply for Extended Reporting cover, call 905-279-2727 or toll-free 1-888-654-3333.