Gryphin Advantage Insurance Program

Tripemco Insurance Group offers best in class errors and omissions liability insurance to financial advisors contracted under Managing General Agent, Gryphin Advantage. Delivered in partnership with TruStar (S&P rating of A), this exclusive program includes lower premiums, coverage of up to $5 Million, no deductible on defence costs, all required mandatory coverages, and further discounts for newly licensed advisors. Your coverage is backed by Sovereign Insurance Company and can be supplemented with low cost privacy and cyber liability coverage.

Information is current as of July 1, 2021 and is subject to change anytime.

Policy Features

No deductible on defence costs

Regulatory investigation coverage of $50,000

Limits range from $1 Million - $5 Million

Premiums include all mandatory coverages required by provincial regulation across Canada
(excepting Quebec and Northwest Territories)

Includes coverage for life insurance policies placed with other managing general agents

Level premiums across Canada for life insurance brokers and mutual fund advisors

Coverage for non-licensed assistants included

No plan aggregate

Covers you when you make referrals to other professionals as long as you disclose
in writing the referral agreement/fee to the client

Online payments and other payment options accepted

Premium Information

Deductible: $1,000. 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 continuously insured with Tripemco Insurance Group Limited.

The annual renewal date for the Gryphin Advantage Insurance Program is October 15.

LimitsLife OnlyTotal Life/Mutual Fund licensed ActivitiesLicensed Life Assistants
$1 Million/Claim with $2,000,000 Aggregate$480$680$200
$2 Million/Claim with $2,000,000 Aggregate$620$820$250
$2 Million/Claim with $5,000,000 Aggregate$750$950 
$5 Million/Claim with $5,000,000 Aggregate$950  

* Premiums do not include premium tax, where applicable (ON – add 8% PST, MB – add 8% PST).

Coverage Information and Highlights

Key CoverageCompensatory 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 InsuranceUp to $5,000,000
Defence in Addition to LiabilityIncluded within the limit of liability, except where otherwise regulated.
Prior ActsFull prior acts, with the exception of prior and pending litigation is as of the inception date of the policy.
TerritoryWorldwide 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$50,000 each claim/annual aggregate – each insured Agent
Vicarious Liability Coverage for FirmsCoverage extends to provide Vicarious Liability coverage to the Agency or dealer with whom the insured is directly contracting to do business.
Coverage for Personal CorporationsAvailable subject to meeting the qualifications of coverage under the plan. Optional coverage available under a firm rider.
Automatic Discovery Period Extension60 days
Liberalization ClauseIncluded
Policy Conformity to Provincial RegulationsIncluded
Cancellation Notice by Insurer120 days, except for Non-Payment of Premium to which 20 days or mandatory provincial requirement applies.
Effective DateThe 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. Please make sure you request the same effective date as the date your current policy expires.
Plan AggregateThis program has no plan aggregate – this is one of the key benefits of our program. Some other industry programs contain a cap on total claims paid out for all insured participants in a group.
Cost of Corrections FormMaximum coverage of $25,000 with a $5,000 Self-Insured Retention


Optional Coverages

  • Privacy and Cyber Liability Coverage
    • Includes privacy breach liability, expenses, and business interruption
    • Flat rate Premium: $50 (plus tax, if applicable)
    • Deductible: $5,000 per claim
    • Coverage: $250,000/claim
  • Licensed Life Assistant Coverage
    • Starting at $200
    • Limits up to $2 Million
  • Tripemco can also provide coverage for your corporation through TruStar’s corporate errors and omissions insurance

Extended Reporting

Extended reporting (ERP, or tail cover) is available for Advisors 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

225%

Eight Years

250%

Nine Years

275%

Ten Years

300%

This web page provides a comprehensive summary of the 2020-2021 Gryphin Advantage Errors & Omissions Insurance Program and is for informational purposes only. Please refer to the 2020-2021 TruStar (Sovereign Insurance Company) policy wordings for specific language information. All coverage descriptions noted above are subject to the terms and conditions of the policy.

Program Manager

Crystal Hawley

Program Manager

Crystal Hawley, CRM, CIP, CAIB, RIB has over 20+ years experience specializing in commercial and professional liability insurance and has designed best in class errors and omission liability insurance programs for Life and Financial Advisors.

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