Document Validation

Provider

The provider selected must match the provider on the certificate. Many advisors confuse the provider with the broker from which they purchased the certificate. The provider is the insurance company that underwrites the coverage.

Insured/Additional insured

The name on the E&O certificate must be a reasonable, logical match to the profile name.

• Advisors – this applies to the first name only, last name must match…e.g. Michael vs Mike; Katherine vs Kate

• Corporations – e.g. ABC Group Inc vs ABC Group

• E&O certificates have no common standard for how information is listed. To identify if an advisor or corporation is listed as an additional insured, we also check for the following sections: Additional Insured/Coverage, Coverage Extended To, Covers, Life Agent List, Remarks, Comments, Amendments, etc.

For Advisors: The individual must be specifically named as the insured or as an additional insured on the certificate. For example, if the advisor uploads a corporate certificate, the advisor must be listed under a section that names the advisors covered – e.g. Life Agents covered. This includes trainee advisors in QC – they must be specifically named on the certificate.

• If an advisor is licensed in AB only, a corporate E&O certificate may be acceptable. The advisor must be included under the corporation on the AB website.

For corporations:

• In AB, the corporation must be specifically named as the insured or as an additional insured.

• In all other provinces, we will currently accept a personal E&O certificate if the corporation is listed as Firm/Personal Corporation. We will also accept “Advisor Name o/a Corp Name”.

  • We will reject personal E&O on a corporate profile if the certificate only names the advisor and/or the certificate only states the advisor is “Doing business with Corp Name”.

Certificate number

Must match certificate. It’s ok if includes/excludes blank spaces. If no certificate number field, the policy number is acceptable in the certificate number field. 

Per claim/aggregate amounts

Must match the certificate.

• If no aggregate amount listed, the per claim amount can be used in this field.

• Aggregate amounts are validated against the provincial minimums required for each province in which the advisor/corporation is licensed - see attached.

• If licensed in MB, the aggregate amount must be $5,000,000 or more. If listed as less, look for a statement saying coverage includes $5,000,000 in MB.

Fraud coverage

If included, must be stated on the certificate.**

• Does NOT refer to social engineering fraud coverage.

• Required if the advisor/corporation is licensed in AB, MB, NB, NL, ON and SK.

• We have a list of approximately 40 acceptable fraud statements/amendments.

** Sometimes the advisor/corporation needs to upload additional pages to show that fraud coverage is included.

Issue/Expiry dates

Must match the certificate.