General Information
Below you will find information on the Errors and Omissions Liability Policy for Life Insurance Agents
Plan Cost Structure
Plans start at $395.00 for Insurance Agents. We have a plan to match your needs.
Limits
$1,000,000 / $1,000,000, $1,000,000 / $2,000,000, $1,000,000 / $3,000,000 and $2,000,000 / $2,000,000 are available
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Insurance Agents Professional Liability Insurance Cost1, 2 |
| Coverage |
|---|
| Limits of Liability | Coverage A Fixed life, accident and health, disability income and long term care insurance products
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Coverage B Fixed life, accident and health, disability income and long term care insurance, fixed annuities and fixed indexed annuity products
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|---|---|---|
| $1,000,000 per wrongful act / $1,000,000 annual aggregate per individual agent | $395 | $480 |
| $1,000,000 per wrongful act / $2,000,000 annual aggregate per individual agent | $425 | $510 |
| $1,000,000 per wrongful act / $3,000,000 annual aggregate per individual agent | $450 | $535 |
| $2,000,000 per wrongful act / $2,000,000 annual aggregate per individual agent | $550 | $675 |
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Revenue is the commissions earned as a life insurance agent in the 12 months prior to enrolling in this program. Eligibility is limited to agents with revenue ≤ $500,000. If your revenue as a life insurance agent exceeds $500,000, ProSurance Group can obtain coverage for you from other sources. Please Contact Tom Bonnau at ProSurance Group. tbonnau@one80.com Phone: (857) 998-6611.
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This cost includes a $25 administrative fee.
Coverage Description
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Insurance is provided by a claims made and reported policy form, which requires the claim be made during the policy term and arise from a wrongful act occurring after the insured’s retroactive date. Your retroactive date is the date you first purchased E&O insurance for the wrongful act leading to the claim, as long as you continuously maintained such coverage.
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Coverage is limited to claims arising from your negligence, errors and omissions, involving your acts as a life insurance agent, selling and servicing policies allowed by your license. Two options are offered:
- Option A – Coverage is limited to the sale and servicing of fixed life, accident and health, disability and long term care insurance products.
- Option B – Coverage is limited to the sale and servicing of fixed life, accident and health, disability and long term care insurance, and fixed annuities (including fixed indexed annuities).
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There is no coverage for services provided as a financial planner, registered representative selling securities, investment advisor managing money, real estate agent, third-party administrator, or other professions.
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Various exclusions apply to the coverage. For example, there is no coverage for fraud or the theft of money. There is no coverage for the sale of viaticals or life settlements. A full list of the exclusions can be found in the sample E&O policy (click here).
Insureds
Yourself
Your company, for its vicarious liability arising out of your wrongful acts
Your non-licensed employees for their services in supporting your business
Policy
You will be a member of the Financial Services Professional Liability Purchasing Group and be insured on a master policy with other I-Genius by Levinson & Associates agents for a 12-month period, no matter when you join the program. You will have the opportunity to renew your coverage when the term expires, as long as you continue to qualify. To see a copy of the policy, click here.
Retention
Retention is the amount you will pay for defense and indemnity before National Casualty Company pays anything. Once you have paid the retention, they will defend you and pay any amount for which you are liable up to the limits you choose, subject to the terms and conditions of the policy. The retentions vary by the products sold:
- $500 for claims only involving fixed life, accident and health, disability income and long term care insurance products
- $2,500 for claims involving fixed annuities (including fixed indexed annuities)
Carrier
National Casualty Company is the sixth largest Property and Casualty Insurance Company in the United States and is rated A+ XV by A. M. Best. It is a subsidiary of the Nationwide Mutual Insurance Company.
Program Insurance Agent
Levinson & Associates, Inc. 551 N. University Drive, Suite 201 Coral Springs, FL 33067Email: bill@carylevinson.com
Program Administrator
The Financial Services Professional Liability Purchasing Group Inc. managed by ProSurance Group, a managing general agency contracted with the National Casualty Company, acts as the program administrator. ProSurance Group worked with I-Genius by Levinson & Associates, Inc. to design an E&O program to meet the needs of I-Genius by Levinson & Associates, Inc. agents. ProSurance Group can be contacted at
ProSurance Group, Inc.
5050 El Camino Real, suite 300
Los Altos, CA 44022
(650) 538-2432
(800) 310-4486
tbonnau@one80.com
Hours of Operation
Monday – Friday
8:00 a.m. –5:00 p.m. PST
Additional information can be obtained by clicking the FAQ tab or this sample policy
The coverages described above are merely summaries of the actual policy terms and should not be construed as replacing or modifying the actual policy.
