fbpx

AMBA-The Alberta Mortgage Brokers Association Insurance Program

Alberta Mortgage Brokers Association Logo

Welcome to the AMBA Professional Insurance Program

PROLINK offers comprehensive and cost-effective insurance coverage to address the unique personal and professional insurance needs of Mortgage Brokers and Brokerages. With over 35 years of industry experience, we can provide superior protection, an exceptional partnership approach, and personalized client service just for you—all at an exclusive AMBA rate.

PROFESSIONAL INSURANCE FOR AMBA MEMBERS

Browse our professional insurance solutions tailored to the needs of Alberta’s Mortgage Brokers.

ERRORS & OMISSIONS PLUS PROGRAM

What is it?
Professional Liability Insurance protects you (and your business) from any allegations of errors, omissions, or negligence committed within the scope of your professional activities. It’ll cover your damages—legal expenses, administrative costs, and court settlements—EVEN if the claims made against you are groundless.

Our E&O PLUS program features:

Errors and Omissions Liability Coverage:

    • Flexible amounts of coverage ranging from $500,000 to $5,000,000 per loss;
    • Protection for mortgages arranged with private and institutional lenders;
    • Coverage for 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 are 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.

Legal Expense Insurance (included with E&O Plus):

Legal representation is expensive. Between lawyers’ fees, court fees, settlements, and more, the cost of an unexpected lawsuit can add up pretty quickly. And costly litigation won’t just chip away at your business’s bottom line; it’ll also tarnish the reputation you’ve worked so hard to build.

That’s why PROLINK is partnering with ARAG Canada to offer a comprehensive, cost-effective Legal Protection Service, automatically included with your Professional Liability Insurance. Your Legal Protection Service now includes access to:

    • Legal Expense Insurance up to your limit of coverage, including coverage for legal representation;
    • Defence of RECA investigations against the brokerage;
    • Professional legal counsel through an unlimited telephone service, available seven days a week from licensed lawyers;
    • A secure, online Legal Document Portal uniquely tailored to the needs of AMBA members, with free access to 100+ legal templates and a guided document builder;
    • And more!

Canada-wide coverage: E&O PLUS covers brokerages licensed in any province and is regulator-approved in provinces where E&O insurance is mandatory.

Why do we recommend it?
The real estate market is in constant flux, even in times of prosperity. And when someone’s home is involved, tensions can run high, especially if your client thinks you’ve done something to damage them financially. Despite your best intentions, your advice or actions might be misinterpreted and you could face a lawsuit.

That’s why we’ve devised a comprehensive and RECA-compliant, cost-effective Errors and Omissions plus program customized to the unique risks you face as a professional, all at an exclusive AMBA rate. We’ll protect you from any allegations of negligence, error, or misrepresentation, even if the claims made against you are groundless.

DATA SECURITY & PRIVACY BREACH INSURANCE (CYBER)

What is it?
Cyber Insurance protects your business and offsets your losses in the event of a breach, like if your company’s information is stolen or exposed by a hacker, or accidentally released by an employee. This policy typically includes the following coverages:

  • Legal coaching on how to handle the breach with privacy regulators;
  • Funds for credit monitoring and client notification costs;
  • Funds for court-awarded damages and legal fees in case of a civil suit; and
  • Public relations services to manage any reputational fallout from the breach.

Highlights Include:

  • Coverage for First Party Liability Expenses–when a breach happens at your own business. The policy will provide coverage for expenses associated with: Event Support Services, Crisis Management Expenses, Network Business Interruption, Digital Asset Restoration, Network Extortion/Ransomware, Cyber Crime, Computer Replacement, and Business Interruption.
  • Coverage for Third Party Expenses in the event that you’re sued by a third party whose data was compromised in the breach. This includes costs associated with Privacy Regulation Penalties, Multimedia Liability, Payment Card Industry Fines and Penalties, and more.

Why do we recommend it?
Data and privacy breaches have become increasingly more prevalent in Canada and the repercussions can be severe. Without proper security, you risk losing permanent access to mission-critical data. Plus, if you’re found negligent in the event of a breach, Canadian Privacy Regulators could fine you up to $100,000 per violation.

Then there are indirect costs, like client notification, investigation, business interruption, and legal fees. In fact, the average cost per lost or stolen record in the financial services industry is $383. Mortgage brokers and administrators also have an especially high exposure due to the personal and financial information you have access to from both your borrowers and your lenders/investors.

Even worse? Diminished goodwill and reputational harm from the breach might even do more harm than remediation costs, especially if you don’t take swift action or notify breach victims right away. Once you’ve lost that trust, it won’t be easy to regain, or attract new clients, employees, or even investors.

That’s where Cyber Insurance comes in. With a comprehensive policy, you can protect your company from financial loss and get ahead of a breach without losing business momentum or taking a massive reputational hit. Learn more by visiting our Cyber Toolkit below.

COMMERCIAL OFFICE INSURANCE

What is it?
Property Contents Insurance protects your commercial property from damage or loss and will cover the costs of repairs or replacement for contents, equipment, and furnishings.

Why do we recommend it?
Property Insurance is critical if you have your own business, regardless of the location. Whether you work from home or out of a commercial office, your general liability or homeowner’s policies won’t reimburse you for any damage to your business assets following a break-in, fire, or other disaster.

That’s where we come in. PROLINK’s AMBA Commercial Office Package provides Commercial General Liability, Property, Business Interruption and Crime Coverage Insurance at extremely competitive rates. We’ll help you protect the investment that you’ve poured into your office, as well as meet any landlord or property manager lease requirements. We’ll also make adjustments to your coverage as your business continues to grow so you’re secure no matter what.

FINANCIAL INSTITUTION BOND FOR THE ALBERTA SECURITIES COMMISSION

What is it?
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.

Why do we recommend it?
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.

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

What is it?
Mortgage Impairment Insurance protects the mortgage interest of the private lender / investor / mortgagee (“lender”) against the impact of physical loss or property damage where the lender believed that the property had valid primary insurance at the time of the loss, only to discover that either there was no valid insurance was in place, or insufficient insurance to cover the lender’s interest. It also provides primary property insurance prior and subsequent to title passing to the lender in which there is no other property insurance, inadequate insurance, or no evidence of insurance from the mortgagor. Finally, it offers optional premises liability protection for the lender in a Power of Sale and can include high risk properties.

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, sewer back-up, vandalism);
  • Commercial and residential properties across Canada;
  • Both vacant and occupied properties.

GROUP BENEFITS INSURANCE

What is it?
Our Group Health & Dental Benefits offer fully customizable Health, Dental and Drug plans for you and your employees at competitive rates. Plan features may include (but are not limited to):

  • Extended healthcare, including drug and dental coverage;
  • Life insurance;
  • Long-term disability insurance;
  • Employee assistance plans;
  • Health spending accounts;
  • And more!

Why do we recommend it?
Any business with employees should consider Group Health & Dental Benefits. A strong benefits package will help you protect the physical, mental, and financial health of your staff. And when employees are healthy—when they feel supported by workforce leaders—businesses are resilient in the face of an uncertain future.

FREQUENTLY ASKED QUESTIONS

PROFESSIONAL INSURANCE

What does Errors & Omissions insurance cover?

In general, Errors & Omission Insurance covers you against allegations brought by a third party (e.g. a client) seeking damages resulting from a negligent or wrongful act, error, or omission arising from your profession and within your scope of practice. The policy will pay for your legal defence costs (e.g. lawyer fees, court costs, etc.) Click here to learn more!

What unique features does PROLINK's E&O Plus Program Offer?

PROLINK’s E&O Plus Program for AMBA Members is unique because it has the following features:

  • Flexible coverage options ranging from $500K-$5M per claim;
  • Protection for mortgages arranged with private & institutional lenders;
  • Coverage for Mortgage Administration Services;
  • Reimbursement of Legal Expenses for Disciplinary Investigations & Hearings;
  • No deductible if no damages are paid to a third party;
  • Full prior acts coverage for the brokerage;
  • Canada-wide coverage.

PLUS:

Legal Expense Insurance: cover legal defense costs up to $75,000 per policy period, take advantage of telephone legal advice at no additional cost, and access a rich library of customizable legal documents. It’s never been easier to protect yourself and your business

What does Cyber Insurance cover?

Data Security & Privacy Breach Insurance  (also known as cyber) protects your business from financial loss and helps get you back online following a privacy breach. Watch our cyber insurance explainer video to learn more!

The Professional Liability policy is a “claims-made” policy. What does "claims-made" mean?

A “claims-made” policy requires you to have coverage in place both when the event or incident occurred and when it was brought to light (i.e. “made”).

Why does PROLINK recommend Cyber Insurance for Mortgage Brokers & Administrators?

Data and privacy breaches have become increasingly more prevalent in Canada and the repercussions can be severe. Without proper security, you risk losing permanent access to mission-critical data. Plus, if you’re found negligent in the event of a breach, Canadian Privacy Regulators could fine you up to $100,000 per violation.

Then there are indirect costs, like client notification, investigation, business interruption, and legal fees. In fact, the average cost per lost or stolen record in the financial services industry is $383. Mortgage brokers and administrators also have an especially high exposure due to the personal and financial information you have access to from both your borrowers and your lenders/investors.

Even worse? Diminished goodwill and reputational harm from the breach might even do more harm than remediation costs, especially if you don’t take swift action or notify breach victims right away. Once you’ve lost that trust, it won’t be easy to regain, or attract new clients, employees, or even investors.

What if I need to make a mid-term change to my policy?

For any mid-term policy requests such as: updates, address changes, limit increases, additional insured certificates, and more, please contact MortgageBrokers@prolink.insure

What is a claim?

An insurance claim is a formal request made by an individual to their insurance company to cover the cost of a covered loss. Most claims are filed following a verbal or written demand for compensation, or the threat of a demand for compensation from a client, partner, consultant, or other third-party.

What do I do if I receive a statement of claim?

The agreement you have with your insurer requires you to inform them anytime there’s a situation that might give rise to a claim. Additionally, your insurer reserves the right to decline a claim if written notice is not provided as soon as you become aware of an incident that may give rise to a potential claim.

As a result, we strongly advise you to notify us immediately in the event that you receive an email, letter, or any verbal notification of a claim related to professional negligence or disservice—even if it doesn’t result in an insurance claim. 

A written notification will not impact your insurance premiums. You can provide details of any potential incident to MortgageBrokers@prolink.insure 

Click here to see how you can file an insurance claim in 5 steps or less.

Get Your Free Insurance Quote:

LIFE & HEALTH

PROLINK will take the time to listen, understand your lifestyle, and guide you to the best protection possible.

Health & Dental Insurance

Supplement your primary healthcare and access the care you need, when you need it with coverage for: extended health, dental, vision, medication, massage, chiropractic, physiotherapy, travel insurance, and more.

Disability Insurance

Protect your income if you’re unable to work because of a physical injury or ailment. It doesn’t matter if it’s a temporary or permanent disability; insurance will replace anywhere from 60-85% of your monthly earnings up to a specified time.

Critical Illness Insurance

Prepare for an unexpected illness or injury with a one-time, tax-free, lump sum. Once it’s paid, how you spend it is completely up to you, whether that’s on medicine, home accessibility, or even paying off part of your mortgage.

Life Insurance

Secure a simple, straightforward solution that will help you plan ahead while still guaranteeing protection for your loved ones. If there’s anyone relying on you for income—your children, spouse, ageing parents, or even a business partner—life insurance is worth it.

LIFE & HEALTH

PROLINK will take the time to listen, understand your lifestyle, and guide you to the best protection possible.

Health & Dental Insurance

Supplement your primary healthcare and access the care you need, when you need it with coverage for: extended health, dental, vision, medication, massage, chiropractic, physiotherapy, travel insurance, and more.

Disability Insurance

Protect your income if you’re unable to work because of a physical injury or ailment. It doesn’t matter if it’s a temporary or permanent disability; insurance will replace anywhere from 60-85% of your monthly earnings up to a specified time.

Critical Illness Insurance

Prepare for an unexpected illness or injury with a one-time, tax-free, lump sum. Once it’s paid, how you spend it is completely up to you, whether that’s on medicine, home accessibility, or even paying off part of your mortgage.

Life Insurance

Secure a simple, straightforward solution that will help you plan ahead while still guaranteeing protection for your loved ones. If there’s anyone relying on you for income—your children, spouse, ageing parents, or even a business partner—life insurance is worth it.

Get Your Free Insurance Quote:

CARING CLAIMS

If you’re lucky, you might never have to make a claim against your insurance. But in the event that you do, PROLINK will respond with urgency, empathy, and compassion. Hover over the images below to see contact options.

MON-FRI, 8AM to 5PM

Monday to Friday, 8AM to 5PM

If you have a potential claim, and would like to speak to PROLINK, please contact your Dedicated Advisor. No matter the time of day, be sure to have your policy number and key details of the incident on-hand, including dates, events, and all persons and entities involved. 

AFTER HOURS, WEEKENDS, HOLIDAYS

After Hours, Weekends, Holidays

Connect with our after-hours claims service, Kernaghan Insurance Adjusters at 1 800 387 5677, or contact your insurer directly and they’ll loop us in. To find your insurer’s claims department, simply open your policy wording. 

If your claim is related to Professional Insurance, we strongly recommend that you wait to notify your PROLINK Account Manager during regular office hours.

MON-FRI, 8AM to 5PM

Monday to Friday, 8AM to 5PM

If you have a potential claim, and would like to speak to PROLINK, please contact your Dedicated Advisor. No matter the time of day, be sure to have your policy number and key details of the incident on-hand, including dates, events, and all persons and entities involved. 

AFTER HOURS, WEEKENDS, HOLIDAYS

After Hours, Weekends, Holidays

Connect with our after-hours claims service, Kernaghan Insurance Adjusters at 1 800 387 5677, or contact your insurer directly and they’ll loop us in. To find your insurer’s claims department, simply open your policy wording. 

If your claim is related to Professional Insurance, we strongly recommend that you wait to notify your PROLINK Account Manager during regular office hours.

WHAT OUR CLIENTS ARE SAYING

WHAT OUR CLIENTS ARE SAYING

RISK MANAGEMENT ADVICE

For more information, check out our blog where we share our insights on insurance trends, current events, and practical tips and tricks to make the best of your coverage.

RISK MANAGEMENT ADVICE

For more information, check out our blog where we share our insights on insurance trends, current events, and practical tips and tricks to make the best of your coverage.

GET IN TOUCH

To speak to a professional who can guide you to the right coverage from the right insurer at the right price call us at:

1-800-663-6828

or send us an email below:

GET IN TOUCH

To speak to a professional who can guide you to the right coverage from the right insurer at the right price call us at:

1-800-663-6828

or send us an email below:


    Personal InsuranceCommercial EnterpriseAssociations & Affinity GroupsLife & Benefits


      Personal InsuranceCommercial EnterpriseAssociations & Affinity GroupsLife & Benefits

      Search
      Generic filters
      Exact matches only