Insurance agents and brokers face significant exposure to professional and malpractice claims, that may include the following:
• Failure to recommend the proper coverage
• Failure to place coverage in a timely manner
• Failure to provide correct sample policy for review
• Failure to disclose policy exclusions
• Failure to disclose material information
• Failure to document declinations of coverage
Most E&O claims against insurance professionals are filed by insured’s whose claim was denied or only partly covered by the insurance company and who blame their agent for the uncovered damages. Litigation for this type of claim can be long and costly. Also, most carriers and MGAs require that agents carry E&O coverage.
What Coverage does an E&O Insurance Policy provide Insurance Agents?
The E and O policy generally covers claims made against agents and brokers by reason of an error or omission in the performance of professional services. As no two policies are the same, it is important that prior to purchasing an E and O policy, agents review the coverage, including all endorsements, with special attention to limitations and exclusions, to ensure that the policy provides adequate protection.
Regardless of the size of your firm, Errors and Omissions insurance is a necessity for any insurance professional. Your clients have expectations of you that are greater than in the past. Whether or not you are found liable, defense and claims expenses have dramatically increased in recent years. Without proper coverage this could result in costly out of pocket expenses for you. For this reason it is extremely important that you secure a quality product that both protects and defends you.
Coverage may also be customized for group E&O programs with custom coverage provisions and discounted cost*.
Please click here to get a quick online cost indication
For questions you may call (619) 287-8613
Coverage Features Offered*:
- Professional Services covered may include:
- Property & Casualty
- Accident & Health products
- Insurance based risk management consultant or advisor
- Insurance expert witness
- Instructor of insurance subjects
- A board member of a nonprofit insurance professional association
- Annuities, Mutual Funds and Variable products
- Full Prior Acts*
- Punitive Damages coverage, where allowed by law*
- Carrier Insolvency coverage*
- Automatic coverage for exclusive independent contractors*
- A broad definition of Insured*
- Defense Costs in addition to limits of liability*
- First Dollar Defense*
- Consent to settle clause*
- Will defend a claim based upon a dishonest, fraudulent, criminal, malicious, or knowingly wrongful act until it has been proven; innocent insured’s are covered*
- Supplemental Payments made in addition to the limits are not subject to the policy deductible*
- Advertising Injury coverage & Personal Injury coverage*
- Sublimit for Employment Practices Liability Insurance*
- Cyber Network Security and Privacy coverage sublimit included
- Insolvency claims included for carriers rated AM Best B+ or higher
- Individual risk management evaluation and agency procedure manual provided
* Subject to Carrier & underwriting approval and availability in your state. This page provides a general outline of coverage available. For complete coverage terms and conditions refer to the actual policy provided by the insurer issuing coverage.
Coverage is offered in: AL, AR, AZ, CA, CO, IA, ID, IL, IN, KS, MI, MN, MO, MT, ND, NE, NM, NV, OH, OK, OR, SD, TN, TX, UT, VA, WA, WI, WY
“A” rated insurance companies provide coverage and may vary by state.