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Marsh Agents E&O Insurance Program

Comprehensive program coverage to protect your growing business

Marsh Canada is pleased to provide a Professional Liability Insurance Program adapted to the needs of the life, accident and sickness licensed as well as mutual fund advisor and/or IIROC registered advisors in Canada. This insurance program provides leading risk management services and coverage features for errors and omissions insurance.

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E&O Insurance Program Highlights

Errors and omissions (E&O) insurance is intended to protect you, as a professional advisor, from claims resulting from actual or alleged errors and omissions made in the rendering of insured services.   E&O coverage does not cover all errors or bad business decisions, nor does it provide coverage even in the absence of a claim from a third party.  Subject to policy terms and conditions, an E&O policy provides coverage for errors or omissions and even in the instance of a frivolous suit, your E&O policy will provide defense coverage.

E&O helps you practice with ease of mind while also allowing your clients comfort that they too have recourse in the event you err in the rendering of your professional services.  

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

  • An Advisor 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 Advisor 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 an Advisor 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.

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

Coverage has been specifically designed for life, accident and sickness, or mutual fund and IIROC registered advisors, 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.

The policy provides competitive and comprehensive coverage for Financial Advisors while also ensuring compliance with Provincial regulations regarding Limits of liability, Deductibles, Coverage terms/ provisions and Extended Reporting Period mandates.  In addition to the E&O offering, insureds participating in the program also have access to discounted rates for Legal Expense coverage and Identity Restoration.

Contact Marsh directly for additional coverage benefits and to discuss your specific coverage needs.

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*Information on this website represents a synopsis of coverage and is provided as a reference only. The actual policy, including endorsements determines coverage. It contains exclusions, limitations and other provisions not referenced (or only briefly summarized) here and the policy should be consulted for full coverage terms, conditions, and requirements. Deductibles may apply. For exact terms, definitions, limitations, and exclusions, please speak with your licensed Marsh Canada Limited insurance broker, or refer to the policy wording.

Marsh agents liability insurance program coverages will be placed with a program administered by Marsh Canada Limited. Marsh Canada has engaged in a competitive marketing process to offer a competitive product.  We have negotiated this Program on a group basis with insurers but we have not acted as a broker for any individual participant.    

This Program may be for a term of several years and may not be negotiated annually.