Independent Financial Brokers of Canada (IFB) has announced a new Errors and Omissions program for member agents and brokers.

IFB says current plan members can look forward to enhanced coverage at rates that are equal to or lower than those they have paid in previous years.

This news comes on the heels of the announcement earlier this Spring of the IFB Corporate E&O Coverage Solution that offers liability insurance to corporate entities at rates starting at only $500. Like its Corporate program, the IFB Individual Broker Plan is underwritten by Echelon General Insurance Company, and features rates starting at $654.

A key feature of the new Individual Broker Plan, says IFB Executive Director John Whaley, is that it is ‘practice-based’ in nature. “Many E&O programs offer coverage on a menu basis,” says Whaley, “and in doing so they list those products that are — and more importantly — are not covered.” With a ‘practice- based’ policy, such as the IFB plan, virtually all the products that a mutual fund representative or life insurance broker is licensed to sell are covered, thereby providing additional peace-of-mind.

The plan is open to anyone who is a member in good standing of IFB and a convenient monthly payment option is available.

Further information on the plan plan is available on the association’s Web site at www.ifbc.ca.

IFB represents nearly 4,000 independent life insurance and mutual fund advisors.