The Independent Financial Brokers of Canada has lowered premiums for its group errors and omissions plan for 2005-2006.

The new IFB plan lowers premiums by as much as $50. It also secures additional coverage for members who want up to $2 million in coverage. Rates now start at $750 for $1 million of coverage and $1,125 for $2 million.

E&O coverage is mandatory, meanwhile rates have been rising steadily increasing the cost of doing business for brokers and advisors. The IFB now boasts the most affordable plan with the broadest and most inclusive wording.

The IFB plan for 2005-2006 has other features such as: no limits on mutual fund sales; reduced-cost coverage for licensed assistants; and up to five years “Extended Reporting” coverage for those retiring or leaving the business starting at $562.50.