The Advocis Protective Association is making professional liability insurance even more affordable for individual and corporate plan holders.

The APA said Friday that it has negotiated new lower premium rates for most coverage categories for the 2011 policy year.

“As the sponsor of one of the largest single E&O insurance programs with a continuing positive claims experience, we were able to negotiate this at a time when rates were expected to have bottomed out. I’m delighted that we are able to pass this good fortune on to our plan holders,” stated Roger McMillian, chair of the APA’s board of directors.

The reduced premiums come with enhancements to the coverage provided under the master policy. The most important coverage enhancement, says the APA, is new provisions for referral activities — a key business practice for independent advisors.

Premium rate reductions available

The APA is also making it a priority to support the next generation of advisors entering the industry. Advisors who have been licensed for two years or less will be eligible for a 15% reduction on premiums.

Plan holders will continue to have access to CE-accredited education opportunities related to risk reduction. Participants who complete the education program may be eligible for a further 5% premium rate reduction.

“It should be every advisor’s New Year’s resolution to review their coverage and ensure that they are best served by their provider,” concluded McMillan. “It’s never too late to ensure that you and your clients are adequately protected.”

Financial advisors and planners do not have to be a member of Advocis to be an APA plan holder.

For more information about the APA, visit www.apa-ins.ca.

IE