E&O Insurance for Illinois Mutual
Errors and Omissions Insurance Program for Illinois Mutual AGENTS
Errors and Omissions Insurance Program for Illinois Mutual AGENCIES
About This Coverage
- This plan is designed exclusively for agents and agencies of Illinois Mutual and helps to protect against claims arising from the sale and servicing of insurance products.
Pricing Information
$1 Million per claim / $1 Million annual aggregate
- Monthly payment options include a $5.00 per month processing fee. All enrollments must start on the first of the month.
Program Features
- Coverage for the sale and servicing of all Life and Health products with no carrier rating restrictions
- Coverage for claim damages related to the insolvency of a carrier with a B+ rating or higher at time of placement of the insurance product sold.
- Covers individual agent and administrative support
- Annual renewable claims-made and reported policy
- 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.
- $5,000,000 Policy Aggregate
-
A policy aggregate of $5,000,000*
*Policy aggregate limit of liability is not applicable to those agents and registered representatives who are residents of or practice in New York State.
- Limited Underwriting.
- 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.
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 third of each month.
Underwriter
- Your coverage is secured by National Casualty Company, an admitted carrier rated "A+" (Superior) XV by A.M. Best. National Casualty Company is part of Nationwide E&S/Specialty, a subsidiary of the Nationwide Mutual Insurance Company.
Disclosures
- All policy documents are delivered in electronic format by default.
- A.M. Best rating and other disclosures.
- For complete details on covered professional services and exclusions, please refer to the policy form.
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.
- Program administrative services include policy review and issuance, premium billing and invoicing, mid-term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.
About This Coverage
- This plan is designed exclusively for agents and agencies of Illinois Mutual and helps to protect against claims arising from the sale and servicing of insurance products.
Pricing Information
$1 Million per claim / $1 Million annual aggregate
- Monthly payment options include a $15.00 per month processing fee. All enrollments must start on the first of the month. Net Agency Income: Based on your agency's net commissions and fee income from all carriers for the previous 12 months; that is, commissions retained by your agency after payment of commissions to individual sub-producers writing on behalf of your agency.
Program Features
- Covers entity & employed Producers
- 1099 sub-producers are NOT covered under the agency policy
- Coverage for the sale and servicing of Illinois Mutual products
- Coverage for the sale and servicing of fixed Life and Health products, fixed and indexed annuities, with optional coverage for mutual funds and variable products
- Annual renewable claims-made and reported policy
- 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.
- Additional limits may be available
- $5,000,000 Policy Aggregate
-
A policy aggregate of $5,000,000*
*Policy aggregate limit of liability is not applicable to those agents and registered representatives who are residents of or practice in New York State.
- Limited Underwriting.
- 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.
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 third of each month.
Underwriter
- Your coverage is secured by National Casualty Company, an admitted carrier rated "A+" (Superior) XV by A.M. Best. National Casualty Company is part of Nationwide E&S/Specialty, a subsidiary of the Nationwide Mutual Insurance Company.
Disclosures
- All policy documents are delivered in electronic format by default.
- A.M. Best rating and other disclosures.
- For complete details on covered professional services and exclusions, please refer to the policy form.
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.
- Program administrative services include policy review and issuance, premium billing and invoicing, mid-term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.
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