Virtual Brokers said Tuesday it is improving client protection by topping up Canadian Investor Protection Fund (CIPF) coverage with insurance through Lloyd’s of London, a London-based insurance firm.

Investors who open a customer account at a CIPF member may be eligible for up to $1 million of coverage if they suffer a financial loss in the event of the insolvency the firm.

Virtual Brokers’ agreement with Lloyd’s of London makes available to its clients up to $11 million in additional coverage. This represents the highest insurance coverage available from a financial institution in Canada to date, Virtual Brokers says.

“Extending client protection is important to supporting peace of mind for our clients. We are members of the Canadian Investor Protection Fund, but in our typical ‘above and beyond’ service approach, we decided to offer our clients the highest level of protection available in the industry, said Kambiz Vatan-Abadi, chief operating officer at Virtual Brokers.

“Now we offer the lowest commission pricing in Canada, the highest investor protection, and the greatest range of choice in product, pricing, and trading platforms,” he added.

Virtual Brokers is a division of Toronto-based BBS Securities Inc., which is registered in all provinces and territories of Canada as an investment dealer.