The Independent Financial Brokers of Canada (IFB) has chosen Willis as its new errors and omissions (E&O) insurance program broker, the association announced Tuesday.
Under the new arrangement, Willis will place and administer both the corporate and individual financial advisor E&O programs.
The previous broker, Axis Insurance, decided not to participate in the IFB’s request for proposals for brokerage services in November. Corporate partner E&O insurance renewals with Willis will begin March 1 and individual renewals will begin July 1, the IFB said in an email.
“IFB will work closely with Willis in the coming months to ensure a seamless transition, with additional updates and resources shared throughout the program’s launch,” the IFB said in a release.
Willis will bring additional insurance partners to the IFB’s E&O program to bring new coverage options for the industry’s needs. Willis will also help IFB members understand their coverage needs, understand emerging risks and with claims advocacy.
While the E&O program has long been available in English and French, Willis will provide “dedicated bilingual staff” to assist members in both official languages, the IFB said in the email.
At the same time, the IFB announced a new digital platform for members to apply for, renew and manage policies.