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A+ E&O Program for Life & Health Insurance Agents Has Expanded Coverage Offerings

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Insurance Specialties Services, Inc. is thrilled to announce that the A+ E&O Program for Life & Health Insurance Agents has expanded coverage offerings as of the 11/01/2019 renewal date.

Agents can now select to have up to $2,000,000/$2,000,000 limits of liability for their E&O Insurance Certificate. In addition, the Program offers a $25,000 supplemental coverage for providing subpoena assistance and a $25,000 supplemental coverage for responding to disciplinary proceedings.

If you are interested in enrolling, you’ll find an on-line, streamlined process which allows qualified agents to obtain affordable Errors and Omissions Insurance Coverage. Our agency is the administrator for the A+ E&O Insurance Program, which is underwritten by Berkley Insurance Company. Berkley Insurance Company is rated A+ (Superior) by A. M. Best. W. R. Berkley Corporation and was recognized as one of the 2019 Ward’s 50 Top Performing P&C Insurers.

By simply and successfully completing a 7-question enrollment form and paying the appropriate premium, life and health insurance agents have instantaneous access to an Errors and Omissions Certificate of Insurance.

We currently accept Visa and MasterCard, or agents may opt to mail a check for the payment once the enrollment process has been completed. Once payment is received and processed, the enrolled agent will be sent an email to download their Certificate of Insurance. Unlike many other agents’ E&O Programs, the A+ E&O Insurance Program has no fees or membership requirements.

Life and Health Insurance Agents, as well as registered representatives holding a series 6 and/or 63 license, can request enrollment into the A+ Errors and Omissions Insurance Program. Currently, the A+ Errors and Omissions Insurance Program offer six levels of coverage:

LEVEL I COVERAGE PROVIDES FOR THE FOLLOWING:

  • Coverage applies to Life, Accident & Health Products, Medicare Advantage, Medicare Supplemental, Indexed & Fixed Annuities and Disability Income
  • Annual Premium: $520.00 (pro-rated after 11/1 based on the requested effective date)
  • Liability Limit: $1,000,000 per claim and $1,000,000 total annual aggregate per agent
  • Program Annual Aggregate Limit: $10,000,000
  • Defense Costs are provided within the limit of liability
  • Deductibles apply to Loss, including Defense Costs:
    • $500 per claim – Life, Accident & Health Products, Medicare Advantage, Medicare Supplemental
    • $2,500 per claim – Indexed, Fixed Annuities and Disability Income Insurance
  • Full Prior Acts Coverage for qualified Agents and Registered Representatives back to date of first continuous E&O coverage
  • A- or better insolvency carve back
  • 12 Month Extended Reporting Period (ERP)

LEVEL II COVERAGE PROVIDES FOR THE FOLLOWING:

  • Coverage applies to Life, Accident & Health Products, Medicare Advantage, Medicare Supplemental, Indexed & Fixed Annuities, Disability Income, sale of Employee Benefit Plans (does not cover servicing or administration of employee benefit plans), Mutual Funds and Variable Products
  • Annual Premium: $620.00 (pro-rated after 11/1 based on the requested effective date)
  • Liability Limit: $1,000,000 per claim and $1,000,000 total annual aggregate per agent
  • Program Annual Aggregate Limit: $10,000,000
  • Defense Costs are provided within the limit of liability
  • Deductibles apply to Loss, including Defense Costs:
    • $500 per claim – Life, Accident & Health Products, Medicare Advantage, Medicare Supplemental
    • $2,500 per claim – Indexed, Fixed Annuities and Disability Income Insurance
    • $5,000 per claim – Mutual Funds & Variable Products
  • Full Prior Acts Coverage for qualified Agents and Registered Representatives back to date of first continuous E&O coverage
  • A- or better insolvency carve back
  • 12 Month Extended Reporting Period (ERP)

LEVEL III COVERAGE PROVIDES FOR THE FOLLOWING:

  • Coverage applies to Life, Accident & Health Products, Medicare Advantage, Medicare Supplemental, Indexed & Fixed Annuities and Disability Income
  • Annual Premium: $550.00 (pro-rated after 11/1 based on the requested effective date)
  • Liability Limit: $1,000,000 per claim and $2,000,000 total annual aggregate per agent
  • Program Annual Aggregate Limit: $10,000,000
  • Defense Costs are provided within the limit of liability
  • Deductibles apply to Loss, including Defense Costs:
    • $500 per claim – Life, Accident & Health Products, Medicare Advantage, Medicare Supplemental
    • $2,500 per claim – Indexed, Fixed Annuities and Disability Income Insurance
  • Full Prior Acts Coverage for qualified Agents and Registered Representatives back to date of first continuous E&O coverage
  • A- or better insolvency carve back
  • 12 Month Extended Reporting Period (ERP)

LEVEL IV COVERAGE PROVIDES FOR THE FOLLOWING:

  • Coverage applies to Life, Accident & Health Products, Medicare Advantage, Medicare Supplemental, Indexed & Fixed Annuities, Disability Income, sale of Employee Benefit Plans (does not cover servicing or administration of employee benefit plans), Mutual Funds and Variable Products
  • Annual Premium: $650.00 (pro-rated after 11/1 based on the requested effective date)
  • Liability Limit: $1,000,000 per claim and $2,000,000 total annual aggregate per agent
  • Program Annual Aggregate Limit: $10,000,000
  • Defense Costs are provided within the limit of liability
  • Deductibles apply to Loss, including Defense Costs:
    • $500 per claim – Life, Accident & Health Products, Medicare Advantage, Medicare Supplemental
    • $2,500 per claim – Indexed, Fixed Annuities and Disability Income Insurance
    • $5,000 per claim – Mutual Funds & Variable Products
  • Full Prior Acts Coverage for qualified Agents and Registered Representatives back to date of first continuous E&O coverage
  • A- or better insolvency carve back
  • 12 Month Extended Reporting Period (ERP)

LEVEL V COVERAGE PROVIDES FOR THE FOLLOWING:

  • Coverage applies to Life, Accident & Health Products, Medicare Advantage, Medicare Supplemental, Indexed & Fixed Annuities and Disability Income
  • Annual Premium: $710.00 (pro-rated after 11/1 based on the requested effective date)
  • Liability Limit: $2,000,000 per claim and $2,000,000 total annual aggregate per agent
  • Program Annual Aggregate Limit: $10,000,000
  • Defense Costs are provided within the limit of liability
  • Deductibles apply to Loss, including Defense Costs:
    • $500 per claim – Life, Accident & Health Products, Medicare Advantage, Medicare Supplemental
    • $2,500 per claim – Indexed, Fixed Annuities and Disability Income Insurance
  • Full Prior Acts Coverage for qualified Agents and Registered Representatives back to date of first continuous E&O coverage
  • A- or better insolvency carve back
  • 12 Month Extended Reporting Period (ERP)

LEVEL VI COVERAGE PROVIDES FOR THE FOLLOWING:

  • Coverage applies to Life, Accident & Health Products, Medicare Advantage, Medicare Supplemental, Indexed & Fixed Annuities, Disability Income, sale of Employee Benefit Plans (does not cover servicing or administration of employee benefit plans), Mutual Funds and Variable Products
  • Annual Premium: $910.00 (pro-rated after 11/1 based on the requested effective date)
  • Liability Limit: $2,000,000 per claim and $2,000,000 total annual aggregate per agent
  • Program Annual Aggregate Limit: $10,000,000
  • Defense Costs are provided within the limit of liability
  • Deductibles apply to Loss, including Defense Costs:
    • $500 per claim – Life, Accident & Health Products, Medicare Advantage, Medicare Supplemental
    • $2,500 per claim – Indexed, Fixed Annuities and Disability Income Insurance
    • $5,000 per claim – Mutual Funds & Variable Products
  • Full Prior Acts Coverage for qualified Agents and Registered Representatives back to date of first continuous E&O coverage
  • A- or better insolvency carve back
  • 12 Month Extended Reporting Period (ERP)

Since 1987, Life and Health Insurance Agents Errors and Omissions Insurance Programs have been one of our agency’s primary focuses. You will find the A+ Errors and Omissions Insurance Program available through Berkley Pro is an affordable and competitive policy, underwritten by a financially stable, well respected and experienced insurer.

Whether you are new to the life and health insurance industry, or a seasoned professional, Errors and Omissions coverage is required by virtually all life and health companies that an agent represents. The A+ E&O Insurance Program provides an affordable, hassle free and simplified process for fulfilling this requirement. In addition to Errors and Omissions Insurance being required by life and health companies, insurance agents should realize that when a covered claim occurs, E&O Insurance is going to protect their livelihood. Our goal is not only to offer affordable and competitive Errors and Omissions Insurance, but to also educate Life and Health Insurance Agents on the importance of this coverage and the need to maintain continuous E&O insurance, and keep records of such prior E&O insurance, in order to have coverage for professional services that were rendered in the past.

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