How do I apply for coverage?
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| Download the application from this site. Complete, sign, date and return the original application and include resumes (where required) for each licensed owner, partner, officer and director of the brokerage. Answer every question completely or state "N/A" if it is not applicable to your firm. |
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Why must you receive the original signed and dated application before issuing a policy? Won't a faxed or e-mailed copy do?
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| Unfortunately not. The policy is written on a "claims-made" basis and contains the usual exclusion for claims arising out of claims or circumstances known to the Insured at the time they sign the application. Therefore, the answers to the claims and circumstances questions contained in the application are paramount in risk evaluation and avoiding adverse selection and could be a principle defence raised in the event of a claims arising out of conditions "known to the Insured" at inception. Although faxed and e-mailed applications are gaining acceptance, at present it is not felt that they have the same legal weight as an original signed application and they would not be acceptable to pool underwriters. As the applications become part of the policy, we are obliged to hold off issuance of the policy until they are received.
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Can a policy be written for a life insurance agent?
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| We can provide coverage for those acting strictly as life insurance agents. Although our program is designed for licensed general insurance agents across Canada, we can add life agents to a general agency's policy where the agency employs agents that sell life insurance. |
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For how long are your quotes valid?
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| Our terms are valid for up to 30 days. After that, information in the application must be re-submitted for review. In addition, each application ends with a claim declaration that must be signed and dated by the Insured. The date of signature must be less than 30 days old at the time of binding. If it is older we will need either a separate Claims Declaration from the Insured or the original application re-signed and re-dated. |
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Are your policies written on a claims-made or occurrence form?
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| Our policies are written on a claims-made form. Our wording meets regulatory requirements in all provinces. |
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Will you provide terms based on another insurers application?
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| No. The rating of this class is based on a series of questions that are included in our application. As each company's application will ask different questions, they may not include all of the information that we will require to properly underwrite the risk. In addition, because the fully completed, signed and dated original application is required to issue the policy, we can bind coverage quicker when we are in possession of the application. |
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