Errors & Omissions Insurance Coverage Highlights
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Error & Omissions Insurance Coverage Highlights for Participating Agents and Registered Representatives of the Independent Agent Program.
Click here to download the policy.
Click here to download the Data Breach Coverage Endorsement Language.
Policy Period: 10/01/2021 to 9/30/2022
Insurer | Atlantic Specialty Insurance Company (a/an Admitted carrier rated A+ XV by A. M. Best) |
Policy Limits (Applicable to Defense Costs & Damages) |
Options available are: OR $3,000,000 per Wrongful Act and Agent aggregate $2,500 Retention (deductible) $15,000,000 Policy Aggregate Limit |
Coverage |
I. Coverage is on 'Claims Made & Reported' basis, which covers claims first presented to an Insured Agent/Rep and reported to the Insurer during the policy period. II. Coverage extends to an Insured Agent/Rep business entity but only with respect to those operations of the business entity related to the covered Professional Services provided by an Insured Agent/Rep. III. Coverage extends to licensed & unlicensed administrative staff for their activities in support of an Insured Agent/Rep, as long as they work solely in that capacity and do not produce or sell insurance. IV. Coverage for Prior Acts is provided back to the date the Insured Agent/Rep maintained continuous Errors & Omissions insurance coverage. However, the policy excludes any claim arising out of any Wrongful Act occurring prior to the inception date of the policy if the Insured knew or could have foreseen that such an act might be the basis of a claim or suit. Evidence of continuous Errors & Omissions insurance is required at the time an actual claim or incident is reported. V. Coverage extends to the sale and/or servicing of individual and group Life, Accident & Health, Disability, Long Term Care Insurance, Employee Benefits Plans and Individual and Group Retirement Plans. Options are available to include coverage for Variable Products and Mutual Funds. |
Data Breach Coverage | The carrier will pay for “data breach expenses” that you incur as a result of a “data breach” of “personally identifiable information”, subject to the limit of insurance, if the following conditions are met:
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For more information see the E&O FAQs
For questions regarding the E&O Program, please contact:
To request a Certificate of Insurance please go to: Certificate Request
This outline provides general information on your Errors and Omissions Insurance Program. It is not intended to interpret the terms of the policy or to be legal advice, but rather summarizes our understanding of the coverage provided. It is not a part of the policy, nor does it modify or serve as a conclusive statement of its terms.