New for the 2017/2018 Master Policy Year
The new Master Policy year will begin May 1, 2017
Highlights for coverage with effective dates on or after May 1, 2017:
- New Insurer!
- The APA has shopped the market for the best available E&O carriers and effective May 1, 2017 the APA Individual E&O Program will be underwritten by Zurich Insurance Company Ltd
- This new partnership will allow the APA to continue to grow both in coverage options and as Canada’s leading E&O Insurance program for financial advisors
- No Change in Premium Rates
- Even in this challenging market for E&O carriers the APA has held premium rates ‘as is’ for the fourth year in a row!
- Coverage A – Life/Mutual Funds (MFDA)
- Personal Income Tax Preparation coverage is now included
- Financial Divorce Specialists Coverage is also now included
- Cyber/Privacy Coverage Included
- Expanded Liability Limits are also now available in limits of $50,000; $100,000; and $250,000
- Coverage C – Fee for Service Planners
- Higher Limits of Liability now available!
- Limits extending to $3,000,000; $4,000,000; and $5,000,000
- Automatic Extended Reporting Period Coverage
- Automatic 2 Year ERP Coverage at no cost applicable to retiring agents or disability/death only
- Increased Extended Reporting Period Coverage
- UNLIMITED ERP policy period now available!
- Enhanced Cyber/Privacy Coverage
- Basic limits automatically included with your E&O Coverage
- Enhanced coverage now expanded to include
- Security and Privacy Liability
- Regulatory Proceedings Coverage
- Privacy Breach Costs Coverage
- Cyber Extortion Threat Coverage
- Reward Payments Coverage
But your decision in choosing an E&O provider is based on more than just price!
Reporting Potential Claims Before Your Renewal
Before renewing your coverage with APA you MUST report any potential claim or situation that may give rise to a future claim.
Claims reporting must be made to the appropriate program insurer or coverage could be denied.
Any potential claim or situation which may give rise to a claim that you are aware of before the date of your renewal must be reported to Liberty Mutual – the insurer of the APA program for the 2016/2017 Policy Period ending April 30, 2017.
Reporting potential claims will not affect your future coverage or your current renewal – we urge our members to report any potential claim or situation which may give rise to a claim prior to their renewal to ensure that coverage will be afforded without undue complications or potential denial of coverage.
If you are unsure of a situation speak with Advocis Broker Services Representative before your renewal