CENTUM Financial Group is pleased to announce a new program to provide members of its mortgage brokerage network with optional errors and omissions (E&O) insurance coverage through a partnership with PROLINK, Canada’s Insurance Connection.
Coverage through the new industry-leading program will be available to member brokerages at an exclusive rate beginning April 1, 2023. Victor Canada is underwriting the policy.
CENTUM’s group E&O program offers coverage ranging from $500,000 to $3 million per loss and protects brokers and their businesses against allegations of errors, omissions or negligence regardless of whether the allegations have any basis in fact. Additionally, the policy provides full prior acts coverage, as well as optionally covering mortgage administration services. The policy meets or exceeds the regulatory requirements of all provincial regulators that mandate E&O.
“This is a unique group E&O insurance program for mortgage brokerages that doesn’t require any mandatory association membership,” says Adrian Schulz, executive vice president of CENTUM Financial Group. “Mortgage brokers give their clients the ability to choose the right mortgage for their needs. We’re proud that every CENTUM network member now has the right to choose liability insurance that best protects their business.”
The new program will also include options for legal protection service and directors/officers liability coverage. By offering legal representation coverage and personal protection for those in leadership positions within their brokerage businesses, the program also provides valuable peace of mind to CENTUM network members.
“We’re excited to partner with CENTUM to provide this offering to its mortgage broker members,” says Derrick Leue, president and CEO at PROLINK. “While no one ever hopes they’ll need to file an insurance claim, we work hard to respond with urgency and compassion, every time.”
CENTUM mortgage brokers who enroll in coverage through PROLINK will be able to access customer service support on weekdays from 8 a.m. to 5 p.m. For more information about the program, CENTUM agents should call 1-800-663-6828 or visit https://prolink.insure/centum.
“We recently launched a group health insurance plan in partnership with Sun Life, and this new E&O coverage is yet another example of how we’re looking out for the best interest of our members,” says Schulz. “We’re committed to making CENTUM the best network for Canada’s mortgage brokers to be associated with.”
As a member of the Charlwood Pacific Group of companies, the CENTUM network is one of the largest national mortgage broker brands in Canada. CENTUM spans nearly 200 offices and over 2200 agents from coast to coast. Having helped tens of thousands of Canadians obtain billions of dollars in mortgage financing, CENTUM continues to lead the industry with some of the most innovative technology, systems, training and partnerships exclusive to the CENTUM mortgage network. It is the winner of the prestigious Broker Network of the Year award, handed out at the 2021 Canadian Mortgage Awards. In 2022, CENTUM celebrated its 20-year anniversary.