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E&O Professional Liability Insurance
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Professional Liability Program


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  • 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.