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E&O Professional Liability Insurance
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PCMA Professional Liability Insurance

Coverage Highlights

(see our Coverage Highlights brochure)

  • The only policy available in the insurance market designed specifically for registered Exempt Market Dealing Representatives with the support of the Private Capital Markets Association of Canada (formerly known as the Exempt Market Dealers Association of Canada).

  • Broad definition of Professional Services specifically designed to include coverage for activities relating to the sale of all exempt market products as defined by National Instrument 31-103.  
  • In addition to coverage for claims from clients, the policy includes Defence Costs coverage provided for a Regulatory Investigation initiated by a provincial securities regulator or similar enforcement body.

  • Broad definition of Insured, including:
    • coverage for licensed and unlicensed individuals named in a claim alongside a Dealing Representative
    • coverage for the vicarious liability of the Dealing Representatives EMD firm named in a claim alongside a Dealing Representative

  • Definition of Professional Services allows for complete policy customization, and can be broadened beyond the scope of Exempt Market Products to also include:

    • Activities relating to the sale of life insurance products; and
    • Activities relating to the sale of financial products by an MFDA representative.

The policy also provides coverage for activities relating to estate plans, personal financial plans, employee benefit plans, group/pension plans (including RRSP's and RRIF's), retirement annuities, life health and disability plans, including guaranteed investment funds to any of the foregoing (refers to funds consisting of property insured by the CDIC, other than insurance contracts such as investment vehicles of banks and trust companies).

  • Definition of Claim includes:

    • Notice of oral demands
    • Provides for non-monetary relief
    • Criminal investigations
    • Actions by Revenue Canada

  • Coverage for referral arrangements
  • Worldwide coverage territory, provided all suits or judicial proceedings are brought in Canada or the U.S
  • Coverage for punitive or exemplary damages where insurable
  • ‘Best Efforts' allocation based on relative legal and financial exposures for claims involving allegations both eligible for coverage and not eligible for coverage under the policy
  • Notice of non-renewal of at least 60 days is included
  • "Extended Reporting Period” of up to 10 years available to protect against ongoing liability following the discontinuation of coverage
  • Various insurance limit and deductible levels available to satisfy the needs for EMDs of all sizes

To assist in outlining the policy, we have prepared the above summary of coverage features. This summary is intended solely for convenience, and forms no part of any terms and conditions of coverage. For complete coverage details, please review a copy of the policy form which is available on request.

For further information, please contact:
Jones Brown Insurance Brokers + Consultants

Toll Free 1.877.451.0448

Toronto Office
Suite 1100, 480 University Ave, Toronto, ON  M5G 1V2

Calgary Office
Suite 800, 639-5th Avenue S.W. Calgary, AB  T2P OM9

Vancouver Office
Suite 805, 609 Granville Street, Vancouver, BC V7Y1G5

Key Contacts for the PCMA Professional Liability Insurance program:

Greg Markell, Account Executive, Jones Brown -

Peter Bryant, Partner, Jones Brown -

About our Broker:

Jones Brown is an insurance broker that began operations 1997 and has grown to over 100 employees with offices across the country. Early in their history, Jones Brown established a strong Financial Institutions Practice, which focuses on providing insurance and risk management services to clients in the financial services sector. They serve the needs of clients ranging from local boutique firms to major multi-national corporations.

About our Underwriter:

AXIS Insurance provides specialty insurance on a worldwide basis through their operations based in Bermuda, the United States, Canada, the United Kingdom, Ireland, Switzerland, Australia and Singapore. In addition to detailed knowledge and industry experience in providing Independent Financial Advisors Errors and Omissions insurance, AXIS Insurance is also a recognized leader in providing tailored management and professional liability insurance products for commercial and financial institutions/investment sector clients throughout the world. You can be confident knowing that all of AXIS’ policies are backed by the financial strength and solid claims-paying ability of the AXIS Insurance companies, rated "A+” (Strong) by Standard & Poor’s and "A” (Excellent) XV by A.M. Best.