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Take The Advantage! E&O starting at $485!

• Exclusive to Gryphin Contracted Advisors!
• $485 Life Only, $685 Life/Mutual Fund Licensed
• Regulatory investigation coverage of $10,000
• Vanishing deductible!
• Premiums include all mandatory coverages required by regulation
• Coverage arranged with AXIS Reinsurance Company (Canadian Branch)
• Managed by Tripemco Burlington Insurance Group Limited
• Online Payments Accepted

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About Tripemco

Tripemco is one of Canada's leading independent insurance brokerages. We have unique industry expertise in several corporate niche markets, as well as private client insurance and group benefits consulting. We have extensive experience developing and running group home and auto and corporate program business.

Our main focus is to assist our clients. We not only help companies reduce their cost of insurance, but we also educate business owners and executives about effective overall risk management.

Tripemco’s dedicated and highly professional team of advisors continue to bring innovative strategic solutions to our clients by developing customized insurance and risk management solutions. Crystal Hawley, CRM, CIP, CAIB, RIB has over 20 years experience specializing in commercial and professional insurance and has been able to design exceptional E&O programs for Life and Financial Advisors.

Features and Benefits


  • LOWER PREMIUMS – Take the Advantage! The Gryphin E&O plan starts at $485 Life only licensed and $685 Life & Mutual Fund Licensed!
  • LIMITS OF $1 MILLION, $2 MILLION & $5 MILLION for Life Advisors
  • LIMITS OF $1 MILLION for Mutual Fund Advisors
  • $10,000 Regulatory Investigation Coverage included at no charge!
  • SIMPLIFIED PREMIUMS - Level premiums across the country (plus $50 for Manitoba) for life insurance brokers and mutual fund advisors!
  • PAYMENT OPTIONS available
  • Online or hard copy applications
  • Coverage arranged with AXIS Reinsurance Company (Canadian Branch)
  • Extended Reporting available!
  • $1000 deductible vanishes on your next claim if you are Life only licensed, haven't had a claim for the past 3 policy years and were continously insured with axis.

Benefits

  • GREAT OPTIONAL EXTRAS - low cost Privacy and Network Security coverage
  • Low cost licensed life assistant coverage available

Premium Information for Life Brokers and Mutual Fund Reps

Deductible $1,000

Limits

Life Only

Total Life/Mutual Fund licensed Activities

Licensed
Life Assistants

$1 Million/Claim with $2,000,000 Aggregate -

$485

$685

$200

$2 Million/Claim with $2,000,000 Aggregate

$620

$5 Million/Claim with $5,000,000 Aggregate

$950

 

*Manitoba licensed

$+$50

 

​The coverage year for the Gryphin E&O program runs from October 15, 2016 - October 15, 2017.

Premiums do not include premium tax, where applicable ON - add 8% tax; MB - add 8%.

*Premiums include all mandatory coverages required by regulation; however, if you are licensed in Manitoba you must pay the additional $50 fee.


Optional Privacy and Network Security Breach Response Insurance:

Flat rate Premium: $50 plus tax, if applicable.

Data security is a paramount exposure in the financial services industry. A breach of data can be ruinous, in terms of costs to comply with notification requirements, potential liability claims, and damage to your business reputation. This coverage available to Gryphin Advantage Advisors addresses these evolving exposures - it protects your business from claims and other exposures resulting from a breach of data security. This breach insurance includes:

  • Network Security and Privacy Liability coverage - $100,000 per claim/aggregate
  • Network Security Event Crisis Management Expense - $50,000 per claim/aggregate
  • Regulatory Action Coverage - $50,000 per claim/aggregate
  • Computer System Extortion Expense and Loss Coverage - $50,000 per claim/aggregate

Deductible: $5,000 per claim, with the exception of D, to which no deductible applies.


Coverage for your Corporation:

Tripemco can provide Corporate E&O insurance with the Axis program. For more information on the Corporate Coverage Solution, contact us.

Coverage for Referrals:

Because we understand that you offer your clients solutions, not just advice, Gryphin Advisors E&O Plan covers you when you make referrals to other professionals as long as you disclose in writing the referral agreement/fee to the client

If You're Leaving the Business:

Extended reporting (ERP or tail cover) is available for those retiring or leaving the business. The cost to purchase ERP is:

Duration of Extension
of Coverage:

% of Expiring
Policy Premium:

One Year

75%

Two Years

100%

Three Years

125%

Four Years

150%

Five Years

165%

Six Years

180%

Seven Years

235%

Eight Years

285%

Nine Years

335%

Ten Years

385%

Key Highlights

Insurer:

Axis Reinsurance Company

Insured:

Gryphin Advantage Contracted Advisors

Key Coverage:

Compensatory damages arising out of a claim as a result of an actual or alleged error, omission or negligent act in the performance of professional services as a Life/Accident & Sickness Insurance Agent/Mutual Fund Representative, subject to the terms and conditions of coverage

Limits of Insurance

Insured can purchase limits of $1,000,000, $2,000,000 or $5,000,000 if Life/Accident & Sickness Licensed and $1,000,000 if Mutual Fund Licensed

Defence Costs, Charges and Expenses

Included within the limit of liability, except where otherwise regulated

Prior Acts:

The inception date of the Insured's first claims made professional liability policy for Professional Services as defined on the certificate of insurance issued, provided such coverage has been maintained in force and without interruption.

Territory:

Worldwide coverage is provided, subject to the suit being brought forth in Canada, the United States, its territories and possessions

Coverage for appearance before a disciplinary body

$10,000 each claim/annual aggregate – each insured Agent

Vicarious Liability Coverage for Firms

Coverage also extends to provide Vicarious Liability coverage to the Agency or dealer with whom the insured is directly contracting to do business

Coverage for Personal Corporations

Available subject to meeting the qualifications of coverage under the plan. Optional coverage available

Automatic Discovery Period Extension

60 days

Extended Reporting Period Coverage

Availability to purchase 1 to 10 years of Extended Reporting Coverage

Liberalization Clause

Included

Policy Conformity to Provincial Regulations

Included

Cancellation notice by Insurer

120 days, except for Non-Payment of Premium to which 20 days or mandatory provincial requirement applies


Note: This document provides a comprehensive summary of the 2016-2017 Gryphin Advantage Errors & Omissions Insurance Program and is for informational purposes only. Please refer to the 2016-2017 Axis Reinsurance Company policy wordings for specific language information. All coverage descriptions noted above are subject to the terms and conditions of the policy.


Frequently Asked Questions

  • Does the Gryphin Advantage E&O program offer coverage for activities relating to referrals?

You bet! The Gryphin Advantage plan offers coverage for referrals, including referrals that are done for a fee provided that you disclose in writing that fee to your client.


  • Is there coverage for prior acts?

Absolutely! The inception date is the later of the date of the previous uninterrupted Advisors first claims made professional liability policy for Professional services


  • Does the Gryphin Advantage E&O program conform to all Provincial Regulations?

Rest Assured! The policy conforms to all provincial regulations


  • Does the Gryphin Advantage E&O program reimburse my legal costs if I'm required to appear before regulatory bodies?

Yes, it does! The Gryphin Advantage program provides for $10,000 in legal costs for each Advisor should he/she be called to appear before a regulatory body. There's no plan cap on that coverage, and it's worth checking with your current insurer to see if they a) provide this coverage and b) put a cap on the maximum they'll payout. The Gryphin Advantage plan does provide it, and there's no cap.


  • What are the limits of liability offered?

We have the following limits available for Life only activities:

    • $1 million/$2 million aggregate
    • $2 million/$2 million aggregate
    • $5 million/$5 million aggregate

We have the following limits available for Mutual Fund Licensed activities:

    • $1 million/$2 million aggregate

Plus, the program is designed to cover any requirements mandated by a provincial insurance regulator, even if a regulatory requirement is introduced mid-term.


  • Is my unlicensed Assistant covered?

Yes!!


  • Is there a "plan aggregate" that caps total claims for all insured participants as a group?

The Gryphin Advantage program has no plan aggregate – this is one of the key benefits of our program. Some of the other industry programs do contain a cap on total claims paid out for all insured participants in a group.

Imagine a class action suit brought forth and coverage limits have been exhausted and then you have a claim but there's no money left!


  • Will your E&O insurance provider be around when times get tough?

AXIS Reinsurance Co. (Canadian Branch), the underwriter of The Gryphin Advantage E&O program, has an S&P rating of A+, and is rated A (Excellent) by A.M Best.


  • Who created, develops, and manages The Gryphin Advantage E&O Insurance program?

There are a lot of people 'behind the scenes' of the E&O plan, and we're all justifiably proud of the product we've created. Crystal Hawley, CRM, CIP, CAIB, RIB of Tripemco Burlington Insurance Group is the dedicated Broker who brings over 20 years of commercial experience to the Advisors Program. Crystal worked closely with The Gryphin Advantage team and Axis Insurance to coordinate and develop an E&O program to ensure Advisors have excellent coverage at an exceptional price!


  • What should I do in the event of a claim or 'incident'?

Call us! We encourage our Advisors to keep the lines of communication open. If you're unsure or feel uneasy about an incident or possible claim, talk to us so we can walk you through the process. We have some of the best lawyers, claims people and Brokers working on your behalf.


  • How do I learn more about claims prevention and other aspects of E&O insurance?

Attend one of the seminars held at Gryphin or contact us and we'll walk you through the process


  • Do I have coverage for life policies placed with other MGA's?

Of course!


  • Can I take advantage of this E&O program if I'm not a Gryphin contracted Advisor?

Sorry, but NO. We were able to negotiate exceptional terms and conditions for Gryphin's Advisors since Gryphin is an exceptional MGA and has top notch Agents working on their behalf.


  • When does my coverage become effective?

The effective date of coverage is the later of the date requested on your application or the date payment is received. Policies are effective and expire as of 12:01 a.m. on the date listed, so make sure you request the same effective date as the date your current policy expires.


  • What is the deductible?

The standard deductible for Life and Mutual Fund licensed activities is $1,000. However, if you are Life only licensed, have been insured with Axis and have had no claims in the last 3 years the deductible is waived (vanishes!) for your next claim!


Copyright © 2015 Tripemco Burlington Insurance Group Limited. Visit us at www.tripemco.com

Policy Wordings