Errors & Omissions Insurance Coverage Highlights

Options available are:

$1,000,000 per Wrongful Act and Agent Aggregate

$1,000 Retention (deductible)

OR

$2,000,000 per Wrongful Act and Agent Aggregate

$2,500 Retention (deductible)

OR

$3,000,000 per Wrongful Act and Agent aggregate

$2,500 Retention (deductible)           

$15,000,000 Policy Aggregate Limit

Policy Aggregate will increase with enrollment

$500,000 Limit Each Wrongful Act / $1,000,000 Policy Aggregate Limit for any claim where premium financing is a component

$25,000 sub-limit for Data Breach coverage

$5,000 sub-limit for Legal and Forensic Services related to a "data breach"          

$5,000 sub-limit for Good Faith Advertising Services relating to a "data breach" sub-limit of insurance shall be part of, and not in addition to the Policy aggregate

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.

1. The “data breach” occurs after the “retroactive date” and before the end of the policy period;
2. The insured first becomes aware of the “data breach” during the policy period;
3. At the time you applied for this insurance you had no knowledge of the “data breach”.
4. The “data breach” is reported to the carrier as soon as practicable, but in no event later than 30 days after it is first discovered by the insured.
5. The “data breach” must involve “personally identifiable information” that was held by you or on your behalf in the United States, Puerto Rico and Canada.