Mortgage brokers

Professional liability insurance for mortgage brokers in Quebec

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1.800.470.2504 info@protecpro.ca
Mortgage brokerage professional consulting in an office setting, with files and work tools on the desk. Illustration of the advisory role and professional insurance protection in Quebec.

Coverage tailored to the reality of mortgage brokerage

Working in a mortgage brokerage means advising clients through one of the most significant financial decisions of their lives. A missed detail in a file or a misunderstood recommendation can be enough to trigger a claim. Legal defence costs add up quickly, even when no fault is established.

Professional liability insurance, also known as errors and omissions (E&O) insurance, protects you against this type of situation. It covers legal fees, damages, and defence costs.

Since May 2020, the Autorité des Marchés Financiers (AMF) has required every mortgage broker in Quebec to hold an individual E&O policy. To be eligible, you must hold a mortgage brokerage licence issued by the AMF, or be in the process of obtaining one.

The program adapts to your profile:

  • Individual broker
  • Mortgage firm
  • Broker affiliated with a banner (MultiPrêts, Planiprêt, Hypotheca, and others)
  • Independent broker

The program covers your mortgage brokerage activities. It can also be added to an existing financial services policy.

Is your firm or banner a program partner? You may be eligible for preferred rates on your personal insurance, such as auto and home coverage.

Discover available discounts

A program developed with mortgage professionals Canada and La Turquoise

This program was developed in collaboration with Mortgage Professionals Canada (MPC). The national association represents more than 15,000 members and 1,000 companies in the Canadian mortgage industry.

MPC membership directly influences your pricing. Brokers affiliated with MultiPrêts, Planiprêt, and Hypotheca are automatically considered MPC members.

Coverage included in the program

See what the program covers
  • Professional liability (errors and omissions)
    This coverage is mandatory to practise as a mortgage broker in Quebec. It covers the financial consequences of an error, omission, or professional advice given in the context of a mortgage file. Defence costs and claims are included, including in the event of a complaint or AMF intervention.
  • General liability
    This coverage protects against bodily injury or property damage caused to a third party in the course of professional activities. It applies, among other situations, during meetings with clients, partners, or suppliers, at your offices or off-site.
  • Tenant’s liability
    When premises are occupied as a tenant, this coverage protects against liability toward the building owner in the event of an insured loss.
  • Cybersecurity
    Mortgage brokers handle sensitive financial information and confidential documents. This coverage addresses privacy breaches, the costs of managing a cyber incident, and liability in the event of a data breach. Additional coverage may apply in cases of extortion or social engineering fraud, subject to eligibility.
  • Legal Insurance and Assistance
    Access to legal advice is included. It allows you to address legal questions and receive support in the event of a dispute related to your professional or regulatory activities.
  • Run-off coverage
    An extended reporting period is included, in accordance with applicable Quebec requirements, in the event of licence expiry or non-renewal.
  • Guaranteed pricing for 24 months
    The premium is set for a two-year period. This stability supports better financial planning and avoids unexpected adjustments at renewal.
  • Auto and home insurance program
    Program participation also provides access to preferred rates on auto and home insurance, based on your profile and existing coverage.

What the program concretely changes for you

Discover my member benefits
  • Collectively negotiated pricing: The program is built on a sector-wide agreement that provides access to conditions you would not obtain on your own through an insurer. Your broker or firm profile is taken into account from the outset of pricing.
  • No brokerage fees and no financing fees: The amount shown reflects the actual cost of the insurance. No hidden fees at signing. Monthly payments are available interest-free.
  • Coverage designed for mortgage brokerage: The coverages are built around the risks specific to mortgage advisory work. No endorsements to negotiate in order to meet AMF obligations or client file requirements.
  • A single policy to cover the essentials: Professional liability, general liability, and legal assistance are bundled into one program. Administration is simplified, with no need to manage multiple contracts.
  • No coinsurance clause: Benefits are paid based on the actual value of the insured property, with no reduction for underinsurance. This is an uncommon feature in standard commercial programs.
  • Single deductible per loss: When a single event affects multiple coverages, only one deductible applies. This approach limits the financial impact of a complex loss.
  • Access to a specialized broker: Your file is managed by a team familiar with a mortgage brokerage and its regulatory requirements. You receive support in your interest, from the start of the contract through to the claim.
  • A program built to grow with your practice: The program adapts as your activity evolves, whether you practise independently or within a firm. The coverage remains relevant at every stage of your professional journey.

Partner banners in the program

Banner
  • Alliance Hypothécaire
  • Architectes Hypothécaires
  • Centum Boulevard Hypothécaire
  • Centre Hypothécaire Dominion
  • CONSORTIUM hypothécaire
  • Groupe Hypothécaire TMG
  • Hypotheca
  • Imeris Agence hypothécaire
  • Intelligence Hypothécaire
  • Multi-Prêts
  • Planiprêt Agence Hypothécaire

Save on your premium

La Turquoise’s insurance brokers will help you find the discounts that apply to your situation. These savings vary depending on your profile and coverage. They make it easy to lower your rates.

Welcome to ProtecPro

The insurance program for mortgage brokers and firms is one of our flagship programs at Protecpro, our program division

More details
  • Speed: Distributed online only, the program lets users get a quote fast while having access to advice from the dedicated team.
  • Tailored coverage: An insurance program tailored to the requirements of various industry associations and regulatory bodies.
  • Competitive Rates: Competitive pricing for independent brokers and mortgage firms.
  • Peace of Mind: The brokers’ experience ensures the best coverage for a practice.
  • Specialized Service: Support is provided in the event of a claim and through every new stage of a business.

Your questions about mortgage brokerage insurance

Mortgage brokerage comes with specific insurance obligations and responsibilities. This section answers the most common questions to help you better understand the coverages available in the Quebec context.

Yes. To legally practise as a mortgage broker in Quebec, valid professional liability insurance that meets regulatory requirements is mandatory.

This insurance protects the broker against the financial consequences of an error, omission, or professional fault. It is required to maintain a licence issued by the Autorité des marchés financiers.

Membership with Mortgage Professionals Canada may influence certain program conditions, particularly regarding eligibility and pricing. The program remains accessible to brokers and firms, whether or not they are members. The applicable terms depend on the profile, structure, and affiliation of the broker or firm.

Errors and omissions insurance, also known as professional liability insurance, covers the financial consequences of a broker’s professional acts. It applies when a client alleges inadequate advice, an omission in a file, or an error that caused financial harm. 

Defence costs are included, even when the broker’s liability has not been established. This coverage is distinct from general liability, which addresses bodily injury or property damage.

Mortgage brokerage activities involve managing financial information and sensitive documents. For this reason, cyber risk coverage is included in the program. 

This coverage primarily addresses privacy protection, the costs associated with managing a cyberattack, and certain legal consequences arising from a data breach. Additional coverages may apply in cases of extortion or social engineering fraud, subject to eligibility and policy conditions.

A complaint filed with the Autorité des marchés financiers does not automatically constitute an insurance claim. 

Depending on the nature of the situation, professional liability insurance may cover certain legal defence costs. These costs must arise from an insured professional act. 

Each file is reviewed based on the facts, the regulatory framework, and the terms set out in the policy.

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