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 Gryphin 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

Premium Information

Deductible: $1,000. Deductible vanishes on your next claim if you are life only licensed Gryphin Advisor, 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	$465	$630	$200
$2 Million/Claim with $2,000,000 Aggregate	$620	$800	$250
$2 Million/Claim with $5,000,000 Aggregate	$750	$950
$5 Million/Claim with $5,000,000 Aggregate	$950

* Premiums do not include additional $10.00 Administration Fee.

* Premiums do not include provincial sales 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.
Regulatory Investigation Coverage	$65,000 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
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.
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
Fraudulently Induced Transfer Coverage	Included
AD&D of $100,000 Limit Per Advisor	Maximum $1 million for all Advisors automatically included at no additional premium.
Disappearing $1,000 Deductible	For life Advisors when continuously insured with Tripemco for 3 years and claims free.

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 Gryphin 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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