E&O Insurance for EOforLess

Errors and Omissions Insurance Program for EOforLess INDIVIDUAL RIAS & ADVISORS

Apply for EOforLess E&O Insurance Renew   Policy   Policy 07/01/2019 to 07/01/2020    Renewal Reminder

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

E&O Program Introduction

  • EOforLess is pleased to partner with 360 Coverage Pros to provide an Errors & Omissions insurance program with competitive rates and comprehensive coverage. Since 1990, 360 Coverage Pros has assisted thousands of agents with their E&O needs.
  • Important State Amendatory Endorsements

Pricing Information

$1 Million per claim / $1 Million annual aggregate
Provides protection for your liability for wrongful acts solely in the rendering or failing to render professional services. This includes professional services relating to the sale, attempted sale or servicing of variable annuities, variable life insurance (that requires a securities license) and mutual funds that are registered with the Securities Exchange Commission, if required, through a Broker/Dealer that is a member of the Financial Industry Regulatory Authority, Investment Advisory Services, securities (other than variable annuities, variable life insurance and mutual funds), life insurance, accident and health insurance, or managed health care organization contracts (that does not require a securities license), disability income insurance, indexed/fixed annuities, Medicare Advantage or Medicare Supplemental Insurance.
Effective Date Pay In Full or Down Payment w/ Monthly Payment
12/01/19 Apply today for $1,689.00 $189.75 $141.75
   View more limit, coverage and pricing options
  • Down payment refers to the monthly payment option. Your down payment includes one month's premium and a $5.00 monthly processing fee.
  • Down payments will be processed immediately; monthly deductions as shown above will begin the third of the month after 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). Minimum earned premium is non-refundable.
  • Pricing includes a $48.00 administration fee. Down payment refers to monthly payment option. Your down payment includes one month's premium, administrative fees and a $5.00 monthly processing fee.

Program Eligibility

  • A valid license/registration in all jurisdictions in which applicant will act as an Agent and/or as a Registered Representative is required to be eligible for this program.

Program Features

  • RIA E&O coverage provides protection for wrongful acts in the rendering or failing to render professional services. This includes professional services relating to the sale, attempted sale or servicing of variable annuities, variable life insurance (that requires a securities license) and mutual funds that are registered with the Securities Exchange Commission, if required, through a Broker/Dealer that is a member of the Financial Industry Regulatory Authority, Investment Advisory Services, securities (other than variable annuities, variable life insurance and mutual funds), life insurance, accident and health insurance, or managed health care organization contracts (that does not require a securities license), disability income insurance, indexed/fixed annuities, Medicare Advantage or Medicare Supplemental Insurance.
  • Cyber and data breach coverage available for $100 additional premium
    • $5,000 retention each Claim or Privacy Event
    • $100,000 limit of liability in the aggregate per insured
    • $100,000 limit of liability for each claim and in the aggregate per Insured for privacy injury liability and privacy regulation proceedings
    • $25,000 limit of liability for each privacy event
  • A policy aggregate of $15,000,000*

    *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 named insured's present, former or future employees who are not financial services professionals, but only while acting within the course and scope of the duties as an employee of the named insured or a representative named on this policy.
  • This is a claims made and reported policy. Claims must be submitted as soon as practicable 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 each claim for Life, Accident, Health Insurance, and Long Term Care Products (that do not require a securities license)
  • $2,500 retention each claim for Disability Income Insurance and Indexed & Fixed Annuities
  • $5,000 retention each claim for Variable Annuities & Variable Life Insurance and Mutual Funds
  • $5,000 retention each claim for Securities and Investment Advisory Services
  • $5,000 for Privacy Events - sub-limits apply. See policy for more details.

Underwriter

  • This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating 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 © 2019 CNA. All rights reserved.
    www.cna.com
    CNA is an A.M. Best "A" (Excellent) XV rated carrier.

Disclosures

  • A.M. Best rating and other disclosures.
  • All policy documents are delivered in electronic format by default. You can manage your account delivery options by visiting the "Log in" menu option at the top of the page.
  • Refer to the policy form by clicking on the Policy button at the top of the page for more details on covered professional services and exclusions.

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 section for more information.
Apply for EOforLess E&O Insurance Renew   Policy   Policy 07/01/2019 to 07/01/2020    Renewal Reminder
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