Provincial regulations in most provinces state that an "agency" is equal to an "agent" and therefore must hold its own separate and distinct E&O coverage.
Regulators have determined that it is no longer sufficient or compliant for advisors to add your company name as an additional insured to provide full E&O protection to the company.
Due to limitations in Vicarious Liability coverage within personal E&O policies Regulators have determined that this in insufficient protection for companies when compared to stand-a-lone corporate coverage.
Corporate E&O for Financial Advisor Agencies Protects Against Legal Action/Claims from:
- Suits arising from the conduct of a former broker/agent
- Loss arising from the conduct of an unlicensed agency representative
- If an agent/broker fails to maintains personal E&O coverage
- When the agency/firm is named solely in a claim
- Losses arising from negligence including failure to supervise
- Meets all new provincial regulatory requirements
- Coverage and Liability Limits dedicated to the corporation
- Parent-Subsidiary Coverage
- Branch Office locations coverage
- Travel Insurance activities
- Option to combine Office Contents/Property Coverage
- Option to combine Commercial General Liability Insurance