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.
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
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.
|Limits||Life Only||Total Life/Mutual Fund licensed Activities||Licensed 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 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||Up to $5,000,000|
|Defence in Addition to Liability||Included within the limit of liability, except where otherwise regulated.|
|Prior Acts||Full prior acts, with the exception of prior and pending litigation is as of the inception date of the policy.|
|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||$50,000 each claim/annual aggregate – each insured Agent|
|Vicarious Liability Coverage for Firms||Coverage 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 under a firm rider.|
|Automatic Discovery Period Extension||60 days|
|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.|
|Effective Date||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. Please make sure you request the same effective date as the date your current policy expires.|
|Plan Aggregate||This 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 Form||Maximum coverage of $25,000 with a $5,000 Self-Insured Retention|
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 Expiring
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.
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.