What’s New: In Brief (April 03, 2008)

Independent Financial Brokers of Canada (IFB) is providing corporate errors and omissions coverage for life insurance agencies. The coverage, underwritten by Echelon General Insurance Company, is being offered as a solution for those caught in the gap between regulatory requirement and fiscal reality, the IFB reports in a release. “As was noted in a Notice (ICN#-7-007) circulated by the Insurance Council ofBritish Columbia on Sept. 11, 2007, some agencies may have relied, inappropriately, on the individual E&O policies held by their licensed agents in order to meet the requirement for corporate coverage,” IFB reports. But “these coverage extensions may not apply in certain situations, resulting in the potential for an uninsured E&O loss.” However, many small- to mid-size corporate entities find the cost of purchasing corporate E&O coverage prohibitive, since the price is often thousands of dollars, IFB notes. The Corporate Coverage Solution offers premiums starting at Cdn$500, with limits up to Cdn$2 million. It is designed to work in tandem with the long-established IFB individual broker plan.

A properly-installed child car seat can help prevent up to 75% of injuries and deaths resulting from a collision, according to The Co-operators. To teach parents, caregivers and others know how to properly install a child car seat, The Co-operators, in partnership with the Infant and Toddler Safety Association, has released an instructional video, Car Seat Safety Check. The DVD provides step-by-step instructions for selecting appropriate car seats and installing them properly.