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Corporate Coverage

APA Small Corporate Program

Because of the requirements of provincial life insurance regulators and the risk management concerns of financial advisors across Canada, the APA has sponsored the development of this program, intended to cover incorporated advisory firms.

  • Eligibility
  • Scope of coverage
  • Pricing
  • Who is the insurer?
Eligibility is based primarily on the following:
  • Number of licensed agents not exceeding 15 (including licensed administrative assistants)
  • Maximum annual corporate revenues of $1,000,000
  • Clients primarily individuals
  • Claims-free loss experience
  • Scope of business: Life, Accident & Sickness, Segregated Funds, Mutual Funds, GICs, Group Benefits, MGA/AGA's

Policy limits are $1,000,000 per claim with an Annual Aggregate of $2,000,000 (unless a higher aggregate is required by provincial regulation)

The deductible is $10,000 per claim. A $5,000 deductible option is available for an additional premium surcharge.

The policy includes all required regulatory endorsements.

Limits and deductibles are not subject to change under this program. Should you wish higher limits or a broader scope of professional activities than described above, separate coverage may be available.

Tailored policies are also available for firms that exceed the underwriting criteria of the Small Corporate Program or for firms that desire higher limits or customized coverage options.

Third Party Administrator activities are excluded under this program and would require individual underwriting to develop the required coverage.

Category 1
1 - 3 Licensed staff, including administrative assistants
Maximum $1,000,000 Annual Revenue
Base Premium:
- All Provinces Except MB: $1,000 ($2,125 for MGA/AGA's)
- Manitoba: $1,300 ($5,000,000 aggregate applied)
- $10,000 Deductible

Category 2
4 - 6 Licensed Staff, including administrative assistants
Maximum $1,000,000 Annual Revenue
Base Premium:
- All Provinces Except MB: $3,000
- Manitoba: $3,750 ($5,000,000 aggregate applied)
- $10,000 Deductible

Category 3
7 - 10 Licensed staff, including administrative assistants
Maximum $2,000,000 Annual Revenue
Base Premium:
- All Provinces Except Manitoba
- Revenue of $1M - $1.25M: $3,500
- Revenue of $1.25M - $1.5M: $4,200
- Revenue of $1.5M - $1.75M: $4,550
- Revenue of $1.75M - $2M: $4,900
- Manitoba ($5,000,000 agregate applied)
- Revenue of $1M - $1.25M: $4,000
- Revenue of $1.25M - $1.5M: $4,800
- Revenue of $1.5M - $1.75M: $2,200
- Revenue of $1.75M - $2M: $5,600
- $10,000 Deductible

Category 4
11 - 15 Licensed staff, including administrative assistants
Maximum $3,000,000 Annual Revenue
Base Premium:
- All Provinces Except Manitoba
- Revenue of $0 - $1.25M: $5,850
- Revenue of $1.25M - $2.5M: $7,020 - Revenue of $2.5M - $3M: $7,605
- Manitoba ($5,000,000 agregate applied)
- Revenue of $0 - $1.25M: $6,500
- Revenue of $1.25M - $2.5M: $7,800
- Revenue of $2.5M - $3M: $8,450
- $15,000 Deductible

Additional Coverage Options Available
Coverage for Mutual Fund Activities at 25% of Base Premium
MGA/AGA Actvities coverage:
- Category 1 minimum premium $2,125
- Categories 2, 3 and 4 at 50% of Base Premium

Travel Insurance activities at 25% of Base Premium (subject to no more than 25% of total annual revenues. Travel Agencies excluded.
Additional Branch Offices at 20% of Base Premium
The APA Small Corporate Errors & Omissions Insurance Program is provided through Ironshore Canada (IronPro) by certain Lloyds Underwriters through approved Coverholder Ironshore Canada Ltd

Corporate E&O insurance is no substitute for agents' E&O insurance

The corporate E&O policy is intended to protect the corporation and unlicensed employees. All licensed advisors working in the firm must continue with their individual E&O coverage.