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Mortgage Brokers and Administrators Insurance Program

Welcome to the Mortgage Brokers & Administrators Professional Insurance Program from PROLINK

PROLINK offers comprehensive and cost-effective insurance coverage to address the unique personal and professional insurance needs of Mortgage Brokers and Brokerages. With over 40 years of industry experience, we can provide superior protection, an exceptional partnership approach, and personalized client service just for you—all at an exclusive rate.

PROFESSIONAL INSURANCE

Browse our professional insurance solutions tailored to the needs of Canadian Mortgage Brokers and Administrators.

ERRORS & OMISSIONS PLUS PROGRAM

What is it?

Professional Liability Insurance protects you (and your business) from any allegations of errors, omissions, or negligence committed within the scope of your professional activities. It’ll cover your damages—legal expenses, administrative costs, and court settlements—EVEN if the claims made against you are groundless.

Our E&O PLUS program features:

Errors and Omissions Liability Coverage:

    • Flexible amounts of coverage ranging from $500,000 to $5,000,000 per loss;
    • Protection for mortgages arranged with private and institutional lenders;
    • Coverage for Mortgage Administration Services;
    • Full prior acts coverage for the brokerage. The policy will cover services rendered by all associates since the inception of the brokerage. All agents and employees are automatically covered under the policy;
    • Legal Expenses reimbursement for Regulatory Disciplinary investigations and hearings;
    • No deductible if no damages are paid to the third party claiming against you.

Canada-wide coverage: E&O PLUS covers brokerages licensed in any province and is regulator-approved in provinces where E&O insurance is mandatory.

Why do we recommend it?

The real estate market is in constant flux, even in times of prosperity. And when someone’s home is involved, tensions can run high, especially if your client thinks you’ve done something to damage them financially. Despite your best intentions, your advice or actions might be misinterpreted and you could face a lawsuit.

That’s why we’ve devised a comprehensive and regulatory-compliant, cost-effective Errors and Omissions plus program customized to the unique risks you face as a professional, all at an exclusive rate. We’ll protect you from any allegations of negligence, error, or misrepresentation, even if the claims made against you are groundless.

DATA SECURITY & PRIVACY BREACH INSURANCE (CYBER)

What is it?

Cyber Insurance protects your business and offsets your losses in the event of a breach, like if your company’s information is stolen or exposed by a hacker, or accidentally released by an employee. This policy typically includes the following coverages:

  • Legal coaching on how to handle the breach with privacy regulators;
  • Funds for credit monitoring and client notification costs;
  • Funds for court-awarded damages and legal fees in case of a civil suit; and
  • Public relations services to manage any reputational fallout from the breach.

Highlights Include:

  • Coverage for First Party Liability Expenses–when a breach happens at your own business. The policy will provide coverage for expenses associated with: Event Support Services, Crisis Management Expenses, Network Business Interruption, Digital Asset Restoration, Network Extortion/Ransomware, Cyber Crime, Computer Replacement, and Business Interruption.
  • Coverage for Third Party Expenses in the event that you’re sued by a third party whose data was compromised in the breach. This includes costs associated with Privacy Regulation Penalties, Multimedia Liability, Payment Card Industry Fines and Penalties, and more.

Why do we recommend it?

Data and privacy breaches have become increasingly more prevalent in Canada and the repercussions can be severe. Without proper security, you risk losing permanent access to mission-critical data. Plus, if you’re found negligent in the event of a breach, Canadian Privacy Regulators could fine you up to $100,000 per violation.

Then there are indirect costs, like client notification, investigation, business interruption, and legal fees. In fact, the average cost per lost or stolen record in the financial services industry is $383. Mortgage brokers and administrators also have an especially high exposure due to the personal and financial information you have access to from both your borrowers and your lenders/investors.

Even worse? Diminished goodwill and reputational harm from the breach might even do more harm than remediation costs, especially if you don’t take swift action or notify breach victims right away. Once you’ve lost that trust, it won’t be easy to regain, or attract new clients, employees, or even investors.

That’s where Cyber Insurance comes in. With a comprehensive policy, you can protect your company from financial loss and get ahead of a breach without losing business momentum or taking a massive reputational hit. Learn more by visiting our Cyber Toolkit below.

COMMERCIAL OFFICE INSURANCE

What is it?

Property Contents Insurance protects your commercial property from damage or loss and will cover the costs of repairs or replacement for contents, equipment, and furnishings.

Why do we recommend it?

Property Insurance is critical if you have your own business, regardless of the location. Whether you work from home or out of a commercial office, your general liability or homeowner’s policies won’t reimburse you for any damage to your business assets following a break-in, fire, or other disaster.

That’s where we come in. PROLINK’s Commercial Office Package provides Commercial General Liability, Property, Business Interruption, and Crime Coverage Insurance at extremely competitive rates. We’ll help you protect the investment that you’ve poured into your office, as well as meet any landlord or property manager lease requirements. We’ll also make adjustments to your coverage as your business continues to grow so you’re secure no matter what.

MORTGAGE IMPAIRMENT INSURANCE FOR PRIVATE LENDERS

What is it?

Mortgage Impairment Insurance protects the mortgage interest of the private lender / investor / mortgagee (“lender”) against the impact of physical loss or property damage where the lender believed that the property had valid primary insurance at the time of the loss, only to discover that either there was no valid insurance was in place, or insufficient insurance to cover the lender’s interest. It also provides primary property insurance prior and subsequent to title passing to the lender in which there is no other property insurance, inadequate insurance, or no evidence of insurance from the mortgagor. Finally, it offers optional premises liability protection for the lender in a Power of Sale and can include high risk properties.

Highlights include protection for:

  • The entire mortgage portfolio;
  • The private lender’s mortgage interest against physical loss or damage from uninsured perils (i.e. flood, fire, sewer back-up, vandalism);
  • Commercial and residential properties across Canada;
  • Both vacant and occupied properties.

GROUP BENEFITS

What is it?

Our Group Health & Dental Benefits offer fully customizable Health, Dental, and Drug plans for you and your employees at competitive rates. Plan features may include (but are not limited to):

  • Extended healthcare, including drug and dental coverage;
  • Life insurance;
  • Long-term disability insurance;
  • Employee assistance plans;
  • Health spending accounts;
  • And more!

Why do we recommend it?

Any business with employees should consider Group Health & Dental Benefits. A strong benefits package will help you protect the physical, mental, and financial health of your staff. And when employees are healthy—when they feel supported by workforce leaders—businesses are resilient in the face of an uncertain future.

FREQUENTLY ASKED QUESTIONS

PROFESSIONAL INSURANCE

What does Errors & Omissions insurance cover?

In general, Errors & Omissions Insurance covers you against allegations brought by a third party (e.g. a client) seeking damages resulting from a negligent or wrongful act, error, or omission arising from your profession and within your scope of practice. The policy will pay for your legal defence costs (e.g. lawyer fees, court costs, etc.). Click here to learn more!

What unique features does PROLINK's E&O Plus Program Offer?

PROLINK’s E&O Plus Program is unique because it has the following features:

  • Flexible coverage options ranging from $500K-$5M per claim;
  • Protection for mortgages arranged with private & institutional lenders;
  • Coverage for Mortgage Administration Services;
  • Reimbursement of Legal Expenses for Disciplinary Investigations & Hearings;
  • No deductible if no damages are paid to a third party;
  • Full prior acts coverage for the brokerage;
  • Canada-wide coverage.

What does Cyber Insurance cover?

Data Security & Privacy Breach Insurance (also known as Cyber Insurance) protects your business from financial loss and helps get you back online following a privacy breach. Watch our Cyber Insurance explainer video to learn more!

The Professional Liability Insurance policy is a “claims-made” policy. What does "claims-made" mean?

A “claims-made” policy requires you to have coverage in place both when the event or incident occurred and when it was brought to light (i.e. “made”).

Why does PROLINK recommend Cyber Insurance for Mortgage Brokers & Administrators?

Data and privacy breaches have become increasingly more prevalent in Canada and the repercussions can be severe. Without proper security, you risk losing permanent access to mission-critical data. Plus, if you’re found negligent in the event of a breach, Canadian Privacy Regulators could fine you up to $100,000 per violation.

Then there are indirect costs, like client notification, investigation, business interruption, and legal fees. In fact, the average cost per lost or stolen record in the financial services industry is $383. Mortgage brokers and administrators also have an especially high exposure due to the personal and financial information you have access to from both your borrowers and your lenders/investors.

Even worse? Diminished goodwill and reputational harm from the breach might even do more harm than remediation costs, especially if you don’t take swift action or notify breach victims right away. Once you’ve lost that trust, it won’t be easy to regain, or attract new clients, employees, or even investors.

What if I need to make a mid-term change to my policy?

For any mid-term policy requests, such as updates, address changes, limit increases, additional insured certificates, and more, please contact MortgageBrokers@prolink.insure.

What is a claim?

An insurance claim is a formal request made by an individual to their insurance company to cover the cost of a covered loss. Most claims are filed following a verbal or written demand for compensation, or the threat of a demand for compensation from a client, partner, consultant, or other third-party.

What do I do if I receive a statement of claim?

The agreement you have with your insurer requires you to inform them anytime there’s a situation that might give rise to a claim. Additionally, your insurer reserves the right to decline a claim if written notice is not provided as soon as you become aware of an incident that may give rise to a potential claim.

As a result, we strongly advise you to notify us immediately in the event that you receive an email, letter, or any verbal notification of a claim related to professional negligence or disservice—even if it doesn’t result in an insurance claim. 

A written notification will not impact your insurance premiums. You can provide details of any potential incident to MortgageBrokers@prolink.insure 

Click here to see how you can file an insurance claim in 5 steps or less.

HOME & AUTO INSURANCE

With PROLINK, you’ll find a solution that fits your needs, your lifestyle, and your budget. Plus, you can access:

Even Better Coverage:

PROLINK represents a wide network of over 30 insurers, so we can offer you a range of solutions and price points. We’ll look at all of the available options and leverage our existing partnerships to demand the best-fit coverage for your needs.

Even Better Advice:

Our team will take the time to understand your unique circumstances, explain your coverage options, and offer genuine, personalized advice to help you manage your exposures.

Even Better Rates:

Our dedicated team of advisors will regularly monitor your account so you don’t have to. If we see your premium going up over time, we’ll proactively search for a better fit to get you the coverage you need and the savings you deserve.

Even Better Service:

Count on PROLINK for any policy changes, proof of insurance requirements, and guidance through the claims process. We will advocate for your needs and answer any questions you have so that you can feel confident in your coverage.

See how much you can save on your Home & Auto Insurance!

HOME & AUTO INSURANCE

With PROLINK, you’ll find a solution that fits your needs, your lifestyle, and your budget. Plus, you can access:

Even Better Coverage:

PROLINK represents a wide network of over 30 insurers, so we can offer you a range of solutions and price points. We’ll look at all of the available options and leverage our existing partnerships to demand the best-fit coverage for your needs.

Even Better Advice:

Our team will take the time to understand your unique circumstances, explain your coverage options, and offer genuine, personalized advice to help you manage your exposures.

Even Better Rates:

Our dedicated team of advisors will regularly monitor your account so you don’t have to. If we see your premium going up over time, we’ll proactively search for a better fit to get you the coverage you need and the savings you deserve.

Even Better Service:

Count on PROLINK for any policy changes, proof of insurance requirements, and guidance through the claims process. We will advocate for your needs and answer any questions you have so that you can feel confident in your coverage.

See how much you can save on your Home & Auto Insurance!

Get Your Free Insurance Quote:

LIFE & HEALTH

PROLINK will take the time to listen, understand your lifestyle, and guide you to the best protection possible.

Health & Dental Insurance

Supplement your primary healthcare and access the care you need, when you need it with coverage for: extended health, dental, vision, medication, massage, chiropractic, physiotherapy, travel insurance, and more.

Disability Insurance

Protect your income if you’re unable to work because of a physical injury or ailment. It doesn’t matter if it’s a temporary or permanent disability; insurance will replace anywhere from 60-85% of your monthly earnings up to a specified time.

Critical Illness Insurance

Prepare for an unexpected illness or injury with a one-time, tax-free, lump sum. Once it’s paid, how you spend it is completely up to you, whether that’s on medicine, home accessibility, or even paying off part of your mortgage.

Life Insurance

Secure a simple, straightforward solution that will help you plan ahead while still guaranteeing protection for your loved ones. If there’s anyone relying on you for income—your children, spouse, ageing parents, or even a business partner—life insurance is worth it.

LIFE & HEALTH

PROLINK will take the time to listen, understand your lifestyle, and guide you to the best protection possible.

Health & Dental Insurance

Supplement your primary healthcare and access the care you need, when you need it with coverage for: extended health, dental, vision, medication, massage, chiropractic, physiotherapy, travel insurance, and more.

Disability Insurance

Protect your income if you’re unable to work because of a physical injury or ailment. It doesn’t matter if it’s a temporary or permanent disability; insurance will replace anywhere from 60-85% of your monthly earnings up to a specified time.

Critical Illness Insurance

Prepare for an unexpected illness or injury with a one-time, tax-free, lump sum. Once it’s paid, how you spend it is completely up to you, whether that’s on medicine, home accessibility, or even paying off part of your mortgage.

Life Insurance

Secure a simple, straightforward solution that will help you plan ahead while still guaranteeing protection for your loved ones. If there’s anyone relying on you for income—your children, spouse, ageing parents, or even a business partner—life insurance is worth it.

CARING CLAIMS

If you’re lucky, you might never have to make a claim against your insurance. But in the event that you do, PROLINK will respond with urgency, empathy, and compassion. Hover over the images below to see contact options.

MON-FRI, 8AM to 5PM

Monday to Friday, 8AM to 5PM

If you have a potential claim, and would like to speak to PROLINK, please contact us directly at 1 800 663 6828. No matter the time of day, be sure to have your policy number and key details of the incident on-hand, including dates, events, and all persons and entities involved.

AFTER HOURS, WEEKENDS, HOLIDAYS

After Hours, Weekends, Holidays

Connect with our after-hours claims service, Kernaghan Insurance Adjusters at 1 800 387 5677, or contact your insurer directly and they’ll loop us in. To find your insurer’s claims department, simply open your policy wording.

If your claim is related to Professional Insurance, we strongly recommend that you wait to notify your PROLINK Account Manager during regular office hours.

MON-FRI, 8AM to 5PM

Monday to Friday, 8AM to 5PM

If you have a potential claim, and would like to speak to PROLINK, please contact us directly at 1 800 663 6828. No matter the time of day, be sure to have your policy number and key details of the incident on-hand, including dates, events, and all persons and entities involved.

AFTER HOURS, WEEKENDS, HOLIDAYS

After Hours, Weekends, Holidays

Connect with our after-hours claims service, Kernaghan Insurance Adjusters at 1 800 387 5677, or contact your insurer directly and they’ll loop us in. To find your insurer’s claims department, simply open your policy wording.

If your claim is related to Professional Insurance, we strongly recommend that you wait to notify your PROLINK Account Manager during regular office hours.

WHAT OUR CLIENTS ARE SAYING

WHAT OUR CLIENTS ARE SAYING

RISK MANAGEMENT ADVICE

For more information, check out our blog where we share our insights on insurance trends, current events, and practical tips and tricks to make the best of your coverage.

RISK MANAGEMENT ADVICE

For more information, check out our blog where we share our insights on insurance trends, current events, and practical tips and tricks to make the best of your coverage.

GET IN TOUCH

To speak to a professional who can guide you to the right coverage from the right insurer at the right price call us at:

1-888-910-1034

or send us an email below:

GET IN TOUCH

To speak to a professional who can guide you to the right coverage from the right insurer at the right price call us at:

1-888-910-1034

or send us an email below:


    Personal InsuranceCommercial EnterpriseAssociations & Affinity GroupsLife & Benefits


      Personal InsuranceCommercial EnterpriseAssociations & Affinity GroupsLife & Benefits

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