Member Benefits
Professional Liability Insurance
CIP Professional (MCIP) and Candidate members can enjoy a variety of benefits and services, including professional liability insurance (PLI), brokered by BMS Canada Risk Services Ltd. (BMS). To learn more about your current 2025-2026 coverage, which is valid until March 1, 2026, click here.
PLI Coverage for the 2026-2027 Policy Period
Professional Liability Insurance Checklist
What To Do If an Errors & Omissions Claim or Complaint is Made Against You
Additional Individual & Business Coverage
In addition to PLI, CIP members also have access to:
- Commercial General Liability
- Legal Entity PLI
- Property/Content/Crime Coverage
- Cyber Security and Privacy Liability
- Personal & Family Cyber Coverage
- Employment Practices Liability
- Legal Services Package
- Legal Expense Insurance
- 24-Hour Accident Insurance
- Critical Illness Insurance
…and more.
What Coverage Do I Need in 2026?
Frequently Asked Questions (FAQ)
The following Insurance FAQs were prepared in partnership with BMS Canada Risk Services Ltd. (BMS). They are provided for general information purposes only and do not constitute professional broker advice.
For more information, please contact a BMS broker at 1-844-294-2714 or cip.insurance@bmsgroup.com.
Why Do I Need PLI?
Professional liability insurance (PLI), or Errors & Omissions Insurance, protects you against liability or allegations of liability for injury or damages that have resulted from a negligent act, error, omission, or malpractice that has arisen out of your professional capacity as a planner or if a complaint is made against you to a professional body/organization regulating your insured profession to your regulatory body. As a professional member (MCIP or Candidate), your membership automatically includes $5 million CAD in PLI coverage.
How Do I Activate My PLI?
PLI is automatically included as part of the Professional (MCIP)/Candidate membership category. If you are renewing your membership, please click the link in your membership renewal email notification to complete the following steps: review your contact information, update your communication preferences, and confirm your membership type. Then, select either the cheque/invoice or credit card payment option.
What Happens if I Do NOT Renew My Full/Candidate membership?
If your Professional (MCIP) or Candidate membership is not renewed by March 1st, your PLI coverage will lapse effective that date. Please note, the PLI is written on a claims-made and reported basis, meaning that coverage must be in place at the time a claim is made for coverage to apply.
For information on the implications of not renewing your insurance by March 1st, please reach out to your PTIA directly.
What if I retire or discontinue practice?
All members who secure their E&O policy through the CIP program will benefit from a 10-year Extended Reporting Period (ERP) at no additional charge for professional liability claims that are first discovered and filed after you have retired and/or discontinued practice.
Note that the ERP applies only to new claims that come forward after the insured member has discontinued practice and in respect of acts, errors or omissions committed prior to the expiry of the planner’s last active policy. Planners who continue to deliver services or who remain in active practice (for financial gain or otherwise) must maintain an active E&O policy and cannot rely on ERP.
CIP will be hosting a webinar with BMS in March 2026 to help you better understand your PLI requirements and coverage. Please note, this webinar will be an explanation of CIP member benefits and will not be eligible for CPL units.