IBAS

IBAS is pleased to announce an exciting change to its errors and omissions (E&O) member insurance program.

Effective November 1, IBAS will be joining forces with the Insurance Brokers Association of Alberta to launch Sage Advisor Resources in Saskatchewan. This new partnership will replace IBAS’s for-profit entity, IBCO Services Ltd., and will assume the management of existing IBCO clients.

Why the change?

After 13 years on the job, longtime E&O Manager Earl Garratt will begin his well-deserved retirement from IBAS after October 31. This has presented both a challenge and an opportunity for IBAS to fill Earl’s (very big) shoes, grow the book of business, and add additional staff to enhance customer service.

What will stay the same?

If you are already a policyholder, not much will change. Westport Insurance Corporation — a subsidiary of Swiss Re — will continue to underwrite the program. Profits generated will continue to support IBAS activities in the province. And, the high level of expertise and customized service you have come to expect will stay the same.

What will be different?

Apart from a new name and logo, we are pleased to introduce two new representatives who will be the E&O insurance points-of-contact for IBAS members. Going forward, Kelly Duncan (kduncan@sageresource.ca) will be the main go-to for existing policyholders, while any IBAS member wishing to obtain a no-obligation quote is encouraged to contact Karen Bushie (kbushie@sageresource.ca). Karen is happy to sit down with you directly at your brokerage to discuss your E&O insurance needs — with no obligation!

Why does IBAS have an E&O program?

Like every provincial broker association across Canada, IBAS offers E&O insurance as an exclusive member service. There are three main reasons members choose us for their E&O needs:

1. Affordable, superior coverage options from both a carrier and program administrator that know the brokerage business inside and out;
2. Any commission earned supports the important work of IBAS, and reduces the association’s dependency on membership dues; and
3. Sensitive brokerage information required for enrolling in E&O insurance, such as finances, remains with a trusted, neutral third-party.

Where do I call?

Phone Sage Advisor Resources direct at 306-986-3546 or toll-free at 1-800-318-0197 ext. 100.

On November 1, 2018, new federal regulations will come into force that will require all organizations, including insurance brokers, to report breaches of security safeguards that pose a real risk of significant harm to individuals to the Privacy Commissioner and any individuals affected.

It will also require brokers to keep records (for a minimum period of 24 months) of all security safeguard breaches, regardless of whether they pose real risk of significant harm, or if they were reported to the Privacy Commissioner or individuals affected. These new data breach notification rules are required under the Digital Privacy Act, 2015, which amended the Personal Information Protection and Electronic Documents Act.

In response to these changes, IBAS and the Insurance Brokers Association of Canada have produced a guide to inform brokers of the new requirements, including reporting and storing requirements. It can be accessed by clicking here.

This information is also applicable to brokers’ commercial clients, and is free to be shared accordingly. Every broker, however, is unique — and any information provided in this guide must be considered in the context of your individual situation. This guide, including attachments and links, is not intended as legal advice. You should consult your individual legal advisors when considering these contents and when setting up your own systems of monitoring, reporting, and record-keeping.

The 2018 IBAS Annual Report is now available. Click on the cover below to access a digital version (PDF). Hard copies will also be available at the 2018 IBAS Annual General Meeting, October 11 in Regina.