29 March 2018
Professional Liability insurance for members must be renewed before May 31, 2018. As you are aware insurance renewals are being processed directly through PROLINK this year. Please read the following information, so you understand how to apply for your insurance.
New Digital Application to Renew Your Professional Liability / Errors & Omissions Insurance:
We relaunched the CNAREA website in 2017 to better serve our members, your prospective customers and our partners. Now we are happy to announce that we are improving the renewal process for your E&O Liability insurance. We have partnered with our E&O Liability insurance manager, PROLINK Insurance, to provide a fully digital renewal process for 2018. No more printing applications, handwriting responses, scanning or faxing back application to CNAREA’s head office. Best of all, in 90% of cases, your application will be approved immediately, you can pay online with your credit card and then receive the 2018 E&O Liability policy immediately. We know that receiving your E&O Liability policy documents in a timely manner has always been a concern for many members. The digital solution will make things easier and faster for you.
Premium Changes for the 2018-19 E&O Policy Term
Our primary goal when offering an E&O Liability program to our members is long-term stability and availability. We know you cannot practice without E&O Liability insurance. We never want to be in a situation where E&O insurance is not available to members or the annual pricing becomes completely unaffordable. During our 2017 AGM, we outlined the performance of the CNAREA E&O Liability Insurance program. We will be sharing the results of our E&O Liability member program again at the 2018 AGM in Collingwood, Ontario. Those who attended the 2017 AGM will know that the claim costs incurred by the insurer for the program are high. We have to increase the amount of premium collected in our pool in order to ensure that Sovereign General Insurance continues to offer E&O insurance to members into the future. Rest assured that CNAREA and PROLINK work closely together to analyze the insurance marketplace to ensure that you are receiving the best possible value and coverage on the E&O Liability insurance offered through our program.
We completed an in-depth review of the insurance premiums for designate and candidate members. Through this analysis we realized that long-term candidate members are assuming much lower E&O rates compared with designate members; however, the risk exposure for experienced candidate members is not significantly different from designate members.
When Can you Access the New Digital Application to Renew Your Professional Liability / Errors & Omissions Insurance?
PROLINK Insurance is completing the testing of the new online application. The link to the online application will be emailed to you directly by PROLINK Insurance. Please follow the link sent to you to access and complete the new application.
Please note the Insurance link will not be emailed to you until your membership fee has been paid and verified by CNAREA.
Questions on the 2018 E&O Rates:
Please contact the CNAREA office at 888-399-3366 if you have any questions related to the 2018 E&O rates.