Welcome to the AMBA Insurance Program from PROLINK
PROLINK has worked closely with the Alberta Mortgage Brokers Association to provide members with industry-leading insurance coverage. Professional coverage has been enhanced to offer a customized Professional Liability Insurance program meeting the speciﬁc requirements of mortgage brokerages operating in Alberta and across Canada. We can help yolu access superior protection at unparalleled rates.
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At PROLINK, we can help you feel confident that you have the right protection.
We believe in personal relationships.
We value knowing you, and taking the time to understand your unique situations, so that we can provide you with genuine advice and follow-through. Our named, dedicated advisors will take a holistic view of your lives and explain all of your coverages and potential exposures, so that you can make educated decisions.
We have over 30 years of experience.
As a result, we’ve seen insurance from every perspective. Wherever you’re coming from, and whatever you need, we’re your one-stop-insurance-shop. You can depend on us for the protection you require.
We represent a network of insurers.
We know their strengths, their weaknesses, how they’ll assess you as a risk, and how they’ll treat you in the event of a claim. Plus, as one of Canada’s largest national brokerages, we have the buying power and influence required to advocate for you and your needs with the various insurers.
We work for you, not the insurer.
As an independent insurance brokerage, we are not obligated to sell you on a particular insurer. Instead, we’ll evaluate the available offerings and the discounts you are eligible for, to bring you solutions to best fit your life.
Protection for My Business and Professional Life
Browse our professional insurance solutions tailored to the needs of Alberta's Mortgage Brokers.
Errors and Omissions PLUS Program
The Mortgage Brokerage Industry is expanding with new OSFI lending regulations pushing more clients to your door for options. An influx of clients means an increase in sales which is great for business. Not-so-great, though, is the widening exposure that brokerage owners face as a result.
To keep up with sales, you might hire more agents in a sub-contractor relationship to work under your banner. This entrepreneurial culture can create a work environment that’s difficult to control. Independent minded agents may bypass certain internal processes to close deals quickly, leaving you exposed to potential security and professional liability risks in tandem. You will have a hard time defending yourself successfully if you cannot provide documentation supporting all appropriate due diligence processes were completed before connecting borrowers and lenders.
We can help. PROLINK—Canada’s Insurance Connection has developed a comprehensive and RECA-compliant Errors and Omissions Liability PLUS Program, tailored to your unique needs and offered at highly competitive AMBA member rates.
Our E&O PLUS program features:
- Errors and Omissions Liability Coverage:
- Flexible amounts of coverage;
- Protects mortgages arranged with private and institutional lenders;
- Fraud coverage is automatically included for all licensed brokers and associates;
- Covers 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 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.
- Privacy Breach Coverage:
- $250,000 for privacy and data breach incidents;
- Covers legal expenses for lawsuits and damages awarded to third parties;
- Covers expenses for computer forensics, PR services, legal counsel, and credit monitoring services in the fall-out of a breach.
- Legal Protection for Brokerage Principals:
- $50,000 for legal expenses related to: Employment Disputes, Tax Audits, Anti-Spam Legislation Defence, Business Contract Disputes, personal legal defence of Highway Traffic Act infractions and more;
- Defence of RECA investigations against the brokerage;
- Unlimited telephone legal advice for Professional and Personal matters.
- Canada-wide coverage: E&O PLUS covers brokerages licensed in any province and is regulator-approved in provinces where E&O insurance is mandatory.
Financial Institution Bond for the Alberta Securities Commission
The Alberta Securities Commission (“ASC”) requires that organizations administering Mortgage Investment Corporations (“MICs”) and Mortgage Syndications purchase a Financial Institution Bond compliant with the registration requirements set out under National Instruments 31-103. All firms who are active as Investment Fund Managers, Restricted Portfolio Managers or Exempt Market Dealers must apply for registration with the ASC and buy an approved Bond.
The Bond really represents a Crime insurance policy protecting you and your clients. Crime/Fidelity insurance offers companies protection against losses they may incur as a result of fraudulent acts by individuals (employees or outside parties). The AMBA Bond provides coverage for circumstances involving computer systems fraud as well. The reality is that even the best internal controls and compliance procedures cannot fully protect you against the criminal element. A Financial Institution Bond can help you mitigate this risk.
AMBA and PROLINK developed a Financial Institution Bond program specifically for members required to be registered with the ASC under the National Instruments 31-103. We have experience in providing Financial Institution Bonds to companies registered with NI 31-103. As an added benefit, members receive an additional 10% discount on already discounted rates!
Mortgage Impairment Insurance for Private Lenders
Mortgage Impairment Insurance is an All Risk Comprehensive Property insurance policy protecting the private lender’s mortgage interest against physical loss or property damage. Until now, this type of protection was only affordable for the largest banks and trust companies lending in Canada. The Mortgage Impairment insurance policy is available exclusively to AMBA members. Mortgage administrators, individual private lenders, Mortgage Investment Corporations and mortgage brokers arranging private mortgages can all purchase this policy.
The Mortgage Impairment policy should be considered mandatory coverage for private lenders/mortgagees. The policy protects insured mortgagees against losses on properties in their portfolio that were believed to have valid primary insurance at the time of the loss but after the loss were found to have no valid insurance in force, or insufficient coverage to protect the mortgagee's interest.
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, seqer back-up, vandalism);
- Commercial and residential properties across Canada;
- Both vacant and occupied properties.
Protection for Me and My Personal Life
Your life is complicated. Selecting your insurance doesn’t have to be. Learn how we can help make your life simpler.
Health & Dental Insurance
Unfortunately, expensive treatments, prescriptions, and high-cost dental work always seem to pop up when you’re least expecting them. And when these unpredictable events occur, they also come with a serious potential to derail your budget. But it doesn’t have to be that way.
PROLINK can help. Our plans cover Health, Vision, Dental, and Drugs, and can get you access to 15 Paramedical services such as Massage, Chiropractic, Physiotherapy, and more. We will take the time to understand you, your needs, and your family, and offer you an affordable solution that fits your life, perfectly.
Most people don’t like to think about Life Insurance. That’s because it’s a complex coverage that only activates as a result of an insured’s death due to natural or accidental causes. It can be painful to imagine all that would come to pass in the event of one’s death—even for a split second. We can appreciate that.
But if something were to happen to you, could your family or loved ones recover financially without feeling a serious strain on their assets? A rich Life policy can help them get back on their feet, should something occur.
So pass the pain over to us. At PROLINK, we will take the time to understand you, your needs and your family. Then, we will offer you a best-fit solution for you and those you care about that is affordable and offers the long-term protection you and they will require.
Critical Illness Insurance
Medicine has allowed people to live both through and with serious illnesses at higher survival rates than in the past. However, such sicknesses often come with many direct and indirect costs. Certain drugs and treatments are not covered by typical health plans, while some of the latest healthcare innovations are only available in the US. Indirect costs can encompass anything from travel expenses to child care, and more. Unfortunately, most people don’t intuitively know to account for these things.
If you were to get seriously sick, Critical Illness coverage can provide you with a lump sum that you can leverage in whatever way best fits your needs. Once it’s been paid, there are no restrictions as to how you decide to spend it—whether that means hiring a nurse, making your home accessible, taking a vacation or even paying off a portion of your mortgage.
PROLINK can help you access the best that medicine has to offer by providing you with a customized Critical Illness policy that is cost-effective and will give you the long-term financial flexibility you will require.
Travel Medical Insurance
When you plan a trip, you determine the things to pack, the sights you’ll see, and the budget for food and activities. You probably don’t consider the things that can go wrong, the process for finding help, and the unforeseen medical bills.
And that’s normal. You work hard and deserve a worry-free vacation. Sadly, life doesn’t go on holiday. A health crisis can happen no matter where in the world you may be. To truly relax, you need to feel secure in knowing that you are protected if something were to happen to you or your loved ones during your time away.
At PROLINK—Canada’s Insurance Connection we can help you access comprehensive Medical Travel coverage for your trip. Plus beyond simply covering emergency medical costs, we can also help you add lost baggage and trip cancellation endorsements to your policy.
Be prepared for whatever happens, wherever it happens.
If you’re like most pet owners, your pet is your constant companion. So when your little companion unavoidably gets sick, it can be very distressing emotionally. We can all agree that it’s hard to see your once-lively pet refuse to eat or struggle up the stairs.
While the veterinarian can offer you hope to cure whatever’s ailing your pet, that cure often comes at a high cost. Many people either have to save up for a treatment, or put themselves in debt in order to afford these unexpected fees. Still, you want your pet to receive the best care available.
Purchasing PetSecure insurance through PROLINK can help take away the financial burden of getting your pet the care that they require in times of need. For a small monthly rate, you can receive up to thousands of dollars in coverage for your pet’s accidents, illnesses, and dental care.
Sometimes, stuff happens. In the event that you need to make a claim and the situation is urgent or an emergency, help is a phone call away!
Monday to Friday (8AM to 5PM)
Contact PROLINK directly at 1 800 663 6828. We will take your claim, confirm your policy and report it to your insurer.
Access our after-hours claims service, Kernaghan Insurance Adjusters at 1 800 387 5677, or call your insurer directly and they will loop us in.
Please reach out to PROLINK if you ever feel unsure. We’re here for you.
PROLINK-Canada's Insurance Connection all rights reserved © 2018
"PROLINK" and "PROLINK-Canada's Insurance Connection" are trade names for PROLINK Insurance Group Inc., and le Groupe d'Assurances PROLINK Inc.