Office Overhead Expense

Overview

Specifically designed to help independent business owners and partners manage business risk, the CPA Ontario Office Overhead Expense Plan covers day-to-day business expenses in the event that an illness or accident keeps you away from the office.

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The Office Overhead Expense Plan provides coverage for you as follows:

Select coverage of $100 to $10,000, in increments of $100.
Reimburses you for monthly operating expenses normally incurred by your business or partnership.
Select the Waiting Period help that suits your needs (7, 14, or 30 days).
Select how long benefits will continue (6, 12, 18, or 24 months).
Apply before Age 65 and keep your coverage up to Age 70, provided you remain the owner of (or partner in) a Firm.

A Firm, including a Limited Liability Partnership, a professional corporation or sole proprietorship, carrying on full-time the practice of public accounting or management consulting, with at least one employee (including, as applicable, the proprietor or partner or the shareholder(s), officer(s) and director(s)), that is eligible for insurance and is registered with the Institute as a Firm in accordance with current ICAO By-law 307 (or as revised from time to time) or is a member in good standing and has a practice in management consulting as defined in current ICAO By-law 103(19) or as a Firm with the Institutes of Prince Edward Island, Nova Scotia or Newfoundland, New Brunswick and Bermuda, and their related By-laws, provided that

The practice was not created, nor partners, shareholders, officers, directors or employees admitted, hired or retained solely for the purpose of participating in this insurance.
The Firm is engaged in the practice of public accounting as defined in the By-laws or Rules of Professional Conduct of an Institute (as revised from time to time) or in management consulting.
“Full-time” means that the proprietors, partners, shareholders, officers and directors of and staff employed by a Firm, during normal business hours of the profession, diligently attend to the business of the Firm and devote their time and attention thereto, but not necessarily that proprietors, partners and shareholders, officers and directors be engaged full-time with the practice.

A related business or practice, as defined in ICAO By-law 311 and which meets the requirements of Rule 407 of the Rules of Professional Conduct, or such Rule or By-law as revised from time to time

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This coverage includes the following special features at no additional cost:

Premiums Waived if You Are Disabled

Your premiums will be waived up to Age 65, as long as your disability benefits are being paid.

Survivor Benefit

If you die while receiving benefit payments, your beneficiary will receive a lump-sum payment equal to 3 times the monthly benefit payment you were receiving at the time of your death.

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You can add this optional coverage to your existing Plan to get even greater value when you apply.

Own Occupation Option (OOO)
If you purchase the Own Occupation Option rider, you will be considered to have a Total Disability help if you are unable to perform the essential duties of your regular occupation — even if you are working in another occupation.

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See the Office Overhead Expense rates that apply to you.

Members can select coverage of $100 to $10,000, in increments of $100, for a maximum benefit of $10,000 per month.
Premiums are based on Benefit Period and Waiting Period help selected
Rates increase as you move from one age bracket to the next and are subject to change. Rates for Age 64 and over apply to renewals of existing coverage only.
Optional Own Occupation protection is available.

CPA ONTARIO OFFICE OVERHEAD EXPENSE INSURANCE
Monthly Premium per $100 of Office Overhead Expense

**Benefit Period – 6 Months**
Male	Waiting Period
Age**	7 days	14 days	30 days
Under 40	$0.75	$0.65	$0.45
40 to 49	$1.05	$0.90	$0.65
50 to 64	$2.20	$1.85	$1.30
65 to 69***	$3.65	$3.00	$2.10
70	*Ends*


Female	Waiting Period
Age**	7 days	14 days	30 days
Under 40	$0.80	$0.75	$0.50
40 to 49	$1.15	$1.00	$0.70
50 to 64	$2.10	$1.75	$1.25
65 to 69***	$3.25	$2.75	$1.95
70	*Ends*

**Benefit Period – 12 Months**
Male	Waiting Period
Age**	7 days	14 days	30 days
Under 40	$0.90	$0.80	$0.55
40 to 49	$1.25	$1.10	$0.75
50 to 64	$2.65	$2.25	$1.45
65 to 69***	$4.50	$3.75	$2.45
70	*Ends*


Female	Waiting Period
Age**	7 days	14 days	30 days
Under 40	$1.00	$0.90	$0.60
40 to 49	$1.35	$1.20	$0.80
50 to 64	$2.50	$2.15	$1.45
65 to 69***	$4.00	$3.35	$2.30
70	*Ends*

**Benefit Period – 18 Months**
Male	Waiting Period
Age**	7 days	14 days	30 days
Under 40	$1.15	$1.05	$0.65
40 to 49	$1.60	$1.45	$0.90
50 to 64	$3.30	$2.85	$1.75
65 to 69***	$4.75	$4.00	$2.85
70	*Ends*


Female	Waiting Period
Age**	7 days	14 days	30 days
Under 40	$1.25	$1.10	$0.70
40 to 49	$1.65	$1.45	$0.90
50 to 64	$3.05	$2.65	$1.60
65 to 69***	$4.15	$3.50	$2.65
70	*Ends*

**Benefit Period – 24 Months**
Male	Waiting Period
Age**	7 days	14 days	30 days
Under 40	$1.50	$1.40	$0.80
40 to 49	$2.10	$1.95	$1.10
50 to 64	$4.15	$3.65	$2.20
65 to 69***	$5.00	$4.25	$3.25
70	*Ends*


Female	Waiting
Age**	7 days	14 days	30 days
Under 40	$1.55	$1.35	$0.85
40 to 49	$2.05	$1.75	$1.00
50 to 64	$3.75	$3.25	$1.75
65 to 69***	$4.35	$3.70	$3.00
70	*Ends*

**”Age” means age attained as of the Policy Anniversary date (June 1).

***Rates over Age 64 apply to renewal of existing coverage only. Coverage ends at 70. Rates subject to change.

Own Occupation Option

To add Own Occupation coverage, Multiply your premium above by 1.20

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This Plan provides reimbursement of your share of the Firm’s Monthly Expenses when you are unable to work as a direct result of an illness or injury. You can qualify for benefits under Total Disability:

Total Disability: You are considered Totally Disabled if you are unable to perform the essential duties of your regular occupation, are receiving appropriate care and treatment from a qualified physician, and are not engaged in any other gainful occupation. (Note: With the Own Occupation Option, you can qualify for Total Disability benefits and work in another occupation.)

Non-taxable benefit payments for Total Disability begin after you have completed your chosen Waiting Period help , and will be paid for up to the maximum benefit period you elected at the time of application.

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To apply for Office Overhead Expense Insurance, you must be:

a member of one of the participating bodies

Chartered Professional Accountants of New Brunswick
Chartered Professional Accountants of Newfoundland and Labrador
Chartered Professional Accountants of Nova Scotia
Chartered Professional Accountants of Ontario
Chartered Professional Accountants of Prince Edward Island
Chartered Professional Accountants of Bermuda;

under Age 65;
a resident of Canada or Bermuda; and the owner of (or partner in) a Firm and share in a portion of the expenses of the Firm.

Note: You can review the complete definition of Firm under Plan Basics.

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Additional conditions, limitations and exclusions may apply. Review your certificate for complete details.

Does not pay any remuneration to the member, or to any person replacing the member, for performing the member’s prior duties intended to generate income for the Firm (see definition under Plan Basics). The costs of any new purchases of equipment or supplies are also excluded. In addition, all limitations and exclusions which apply to Income Protection Insurance also apply to this Plan.
In the event of joint occupancy or partnership, only your share of the office overhead expenses will be covered.
Your coverage ends at Age 70 or when you cease to be the owner of (or partner in) a Firm.

Note: You can review the complete definition of Firm under Plan Basics.

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