E&O Insurance for Cornerstone Insurance and Financial Services, Inc.

Errors and Omissions Insurance Program for Cornerstone Insurance and Financial Services, Inc. NEWLY LICENSED AGENTS

Apply for Cornerstone Insurance and Financial Services, Inc. E&O Insurance Renew   Policy   State Endorsements   E&O Renewal Reminder

Pricing Information  •   Program Eligibility  •   Program Features  •   Coverage Limits  •   Deductibles and Retentions  •   Payment Options  •   Underwriter  •   Disclosures  •   Program Administrator

About This Coverage

  • This Errors and Omissions Insurance Plan is designed exclusively for agents of Cornerstone Insurance and helps to protect against claims arising from the sale and servicing of insurance products.
  • Important State Amendatory Endorsements can be found by clicking the button at the top of the page.

Pricing Information

$1 Million per claim / $1 Million annual aggregate
Life, accident and health, LTC, universal life, group life and group health plans,Medicare Advantage and Medicare Supplemental products, managed health care organizations
Effective Date Pay In Full or Down Payment w/ Monthly Payment
01/01/19 Apply today for $395.00 $79.17 $34.17
   View more limit, coverage and pricing options
  • This is an annual policy which renews 12 months from your selected effective date. Pricing includes premium, applicable administrative fees, taxes and doc stamps. Down payment includes one month's premium, admin fees, taxes, doc stamps and a $5.00 monthly processing fee. Monthly payments include one month's premium and $5.00 processing fee and will begin the third business day of the month after the enrollment effective date.
  • At the time of enrollment, each agent will be required to make a non-refundable payment in the amount of the first month’s premium (minimum earned premium). Administrative fees and minimum earned premium are non-refundable.
  • Pricing shown above is for a newly licensed life and/or health agent that has received their state license within one year of enrollment. ($1M/$1M limit option only). Please use the rate calculator to view more pricing options.

Program Eligibility

  • You must be actively affiliated with Cornerstone Insurance and Financial Services, Inc. at the time of enrollment
  • If you are no longer affiliated with Cornerstone Insurance and Financial Services, Inc. during the policy period, coverage for any new business activities ceases immediately as of your termination date. You will be covered under an Extended Reporting Period beginning on the date of termination. Please see the policy for further details.

Program Features

  • Coverage for E&O claims involving the DOL Fiduciary Rule
  • Coverage available for Life, accident and health, LTC, Medicare, and managed health care organizations as well as optional coverage for annuities, mutual funds, variable annuities, variable insurance, disability, and 24-hour care
  • Reduced rate for newly licensed life and/or health agent that has received their state license within one year of enrollment! ($1M/$1M limit option only)
  • A policy aggregate of $10,000,000*

    *Policy aggregate limit of liability is not applicable to those agents and registered representatives who are residents of or practice in New York State.

  • Defense costs reduce the limit of liability and are subject to the retention. Punitive damages are not covered by the policy. Refer to the policy form for the definition of defense costs and punitive damages.
  • Provides coverage for your administrative, clerical and support personnel while they are acting on your behalf.
  • Provides coverage for any corporation, partnership or other business entity that is owned or controlled by an Agent, General Agent or Registered Representative but only for the covered acts of the individual Agent, General Agent or Registered Representative. This is individual E&O insurance.
  • Coverage under this program is offered on a claims made basis. The policy will only cover claims first made against the Insured and reported to the Insurer during the certificate period. The agent must not have had knowledge of the claim or circumstances likely to result in a claim at the effective date of coverage.
  • This policy applies to any act, error or omission which takes place anywhere in the world, provided that the claim is made and suit is brought against the Insured in the United States of America
  • Important: This is a claims made and reported policy. Claims must be submitted immediately in writing to the insurer. Coverage only applies to claims first made during the policy period. Claims must be reported during the policy period; or, during an extended reporting period (ERP). Prior acts are covered back to the first day of continuous E&O coverage. Please refer to the policy form for claim reporting provisions and definition of a claim, prior acts definition, and ERP details.

Coverage Limits

  • $1 Million per claim / $1 Million annual aggregate

Deductibles and Retentions

  • $500 retention for life, accident, health, LTC, Medicare Advantage and Medicare Supplement
  • $2,500 retention for disability insurance and indexed & fixed annuities
  • $5,000 retention for all other claims (e.g. variable annuities and mutual funds)

Payment Options

  • Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the 3rd business day of each month.

Underwriter

  • This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating chart and disclosures link below for an explanation of admitted and non-admitted carriers.
  • One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. “CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" service mark in connection with insurance underwriting and claims activities. Copyright © 2018 CNA. All rights reserved.
    www.cna.com
    CNA is an A.M. Best A (Excellent) XV rated carrier.

Disclosures

Program Administrator

  • Gallagher Affinity
  • Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions for more information.

Errors and Omissions Insurance Program for Cornerstone Insurance and Financial Services, Inc. AGENTS

Apply for Cornerstone Insurance and Financial Services, Inc. E&O Insurance Renew   Policy   State Endorsements   E&O Renewal Reminder

Pricing Information  •   Program Eligibility  •   Program Features  •   Coverage Limits  •   Deductibles and Retentions  •   Payment Options  •   Underwriter  •   Disclosures  •   Program Administrator

About This Coverage

  • This Errors and Omissions Insurance Plan is designed exclusively for agents of Cornerstone Insurance and helps to protect against claims arising from the sale and servicing of insurance products.
  • Important State Amendatory Endorsements can be found by clicking the button at the top of the page.

Pricing Information

$1 Million per claim / $1 Million annual aggregate
Life, accident and health, LTC, universal life, group life and group health plans,Medicare Advantage and Medicare Supplemental products, managed health care organizations
Effective Date Pay In Full or Down Payment w/ Monthly Payment
01/01/19 Apply today for $445.00 $83.37 $38.33
   View more limit, coverage and pricing options
  • This is an annual policy which renews 12 months from your selected effective date. Pricing includes premium, applicable administrative fees, taxes and doc stamps. Down payment includes one month's premium, admin fees, taxes, doc stamps and a $5.00 monthly processing fee. Monthly payments include one month's premium and $5.00 processing fee and will begin the third business day of the month after the enrollment effective date.
  • At the time of enrollment, each agent will be required to make a non-refundable payment in the amount of the first month’s premium (minimum earned premium). Administrative fees and minimum earned premium are non-refundable.

Program Eligibility

  • You must be actively affiliated with Cornerstone Insurance and Financial Services, Inc. at the time of enrollment
  • If you are no longer affiliated with Cornerstone Insurance and Financial Services, Inc. during the policy period, coverage for any new business activities ceases immediately as of your termination date. You will be covered under an Extended Reporting Period beginning on the date of termination. Please see the policy for further details.

Program Features

  • Coverage for E&O claims involving the DOL Fiduciary Rule
  • Coverage available for Life, accident and health, LTC, Medicare, and managed health care organizations as well as optional coverage for annuities, mutual funds, variable annuities, variable insurance, disability, and 24-hour care
  • A policy aggregate of $10,000,000*

    *Policy aggregate limit of liability is not applicable to those agents and registered representatives who are residents of or practice in New York State.

  • Defense costs reduce the limit of liability and are subject to the retention. Punitive damages are not covered by the policy. Refer to the policy form for the definition of defense costs and punitive damages.
  • Provides coverage for your administrative, clerical and support personnel while they are acting on your behalf.
  • Provides coverage for any corporation, partnership or other business entity that is owned or controlled by an Agent, General Agent or Registered Representative but only for the covered acts of the individual Agent, General Agent or Registered Representative. This is individual E&O insurance.
  • Coverage under this program is offered on a claims made basis. The policy will only cover claims first made against the Insured and reported to the Insurer during the certificate period. The agent must not have had knowledge of the claim or circumstances likely to result in a claim at the effective date of coverage.
  • This policy applies to any act, error or omission which takes place anywhere in the world, provided that the claim is made and suit is brought against the Insured in the United States of America
  • Important: This is a claims made and reported policy. Claims must be submitted immediately in writing to the insurer. Coverage only applies to claims first made during the policy period. Claims must be reported during the policy period; or, during an extended reporting period (ERP). Prior acts are covered back to the first day of continuous E&O coverage. Please refer to the policy form for claim reporting provisions and definition of a claim, prior acts definition, and ERP details.

Coverage Limits

  • $1 Million per claim / $1 Million annual aggregate
  • $1 Million per claim / $2 Million annual aggregate
  • $1 Million per claim / $3 Million annual aggregate

Deductibles and Retentions

  • $500 retention for life, accident, health, LTC, Medicare Advantage and Medicare Supplement
  • $2,500 retention for disability insurance and indexed & fixed annuities
  • $5,000 retention for all other claims (e.g. variable annuities and mutual funds)

Payment Options

  • Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the 3rd business day of each month.

Underwriter

  • This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating chart and disclosures link below for an explanation of admitted and non-admitted carriers.
  • One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. “CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" service mark in connection with insurance underwriting and claims activities. Copyright © 2018 CNA. All rights reserved.
    www.cna.com
    CNA is an A.M. Best A (Excellent) XV rated carrier.

Disclosures

Program Administrator

  • Gallagher Affinity
  • Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions for more information.

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