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AFFINITY & SPECIALTY PROGRAMS

Financial Agents

Marsh Canada is pleased to provide a general insurance program adapted to the needs of the life, accident and sickness, or mutual fund agents in Canada. This insurance program provides some of the country's leading risk management services and coverage features for errors and omissions insurance.

What is Errors and Omissions Insurance?

Errors and omissions (E&O) insurance is intended to protect your company as well as your clients. It protects your assets from claims resulting from errors and omissions in the rendering of insured services. In the case of your clients, it gives them peace of mind that they have some sort of recourse in the event that they have a claim.

E&O coverage does not cover all errors and bad business decisions, nor does it provide coverage even in the absence of a claim from a third party; however it does cover most other accidental errors, omissions, or negligent acts. In the case of estate planning, RRSPs, or financial planning, the policy would respond to a covered claim resulting from an error, omission, or negligent act. In provinces other than British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Newfoundland (where this coverage is a legislated necessity for this industry), please talk to your insurance broker, in detail, to determine whether your company can benefit from errors and omissions insurance.

Some examples of situations that would give rise to a claim include:

  • A consultant receives a client request and fails to implement the client's instructions in a timely manner. This results in a loss of gain on investment.
  • An annuity rate is confirmed to a client, but is not obtained due to a delay by the consultant in processing the order. A lower rate results in a loss to the client.
  • A client requests premium back on whole life insurance policy because they state that it did not meet their objectives.
  • A client claims a consultant failed to advise on tax consequences of selling mutual fund units. The client ends up owing taxes, instead of receiving a tax refund as they expected.
  • A client has to pay a penalty to the Canada Revenue Agency for an excess RRSP contribution and claims against the consultant.

Who is Eligible?

This Errors and Omissions coverage is offered to life, accident and sickness, or mutual fund licensed individuals who hold a current license and valid certificate in Canada. Unlicensed administrative assistants of the certificate holder are also covered by this policy.

Why Buy This Program?

Coverage has been specifically designed for life, accident and sickness, or mutual fund licensed Individuals, resulting in broader coverage, less risk of "gaps" in your insurance protection, and the availability of higher limits of coverage.  

Preferential rates allow for competitive pricing. We also offer a monthly payment plan.

The program was developed by Marsh Canada. Our size and worldwide presence mean that we can bring significant experience and expertise to assist you in your insurance needs.

What is Included?

The coverage provided under this policy has been created to meet the specific needs of Life, Accident & Sickness, and Mutual Fund Agents in Canada.