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Preferred Risk E&O
Insurance Application
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You May Also Mail Your Application To:
Marsh Consumer
PO Box 14458
Des Moines, IA 50306
Please Call Marsh Consumer if You Need Any Assistance
(866) 795-2041
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Policy Highlights
To Review the Complete Preferred Risk E&O Insurance Specimen Policy Click Here.
Underwritten by:
Continental Casualty Insurance Company (CNA)
CNA is the 7th largest U.S. commercial insurer and the 13th largest U.S. property & casualty insurer. CNA provides insurance protection to more than 1 million businesses and professionals in the U.S. and internationally. Highlights include:
$10 billion in revenues
100+ years in business
9,400 employees
U.S. and International operations
“A” rated for financial strength by A.M. Best
Offered & Administered by:
Marsh (a service of Seabury & Smith) is part of the family of MMC companies.
With 24,000 employees and annual revenues approaching $5 billion Marsh serves more clients in more industries worldwide than any other firm in our industry. Marsh works with businesses, public entities, organizations, and private clients in over 100 countries.
Limits of Liability:
$1,000,000 each claim
$2,000,000 individual insured annual aggregate
$10,000,000 total policy aggregate all insured
Retentions:
$500 - Life, Health, Accident, Long Term Care
$2500 - Disability Income, Fixed or Indexed Annuities
$5000 - Mutual Funds, Variable Annuities, Investment Advisor (RIA)
Overview:
Provides protection against your liability for wrongful acts in the rendering of or failure to render professional services. This includes (but is not limited to) activities relating to the sale, attempted sale, or servicing of term life insurance, fixed universal life insurance, fixed whole life insurance, accident and health insurance, managed health care organization contracts, long term care insurance, and Medicare supplemental insurance.
Optional Coverage if Purchased:
This includes (but is not limited to) activities relating to the sale, attempted sale, or servicing of disability income insurance, fixed annuities (including indexed annuities), variable annuities, variable universal life insurance, variable whole life insurance, mutual funds registered by the SEC and offered through a FINRA-registered Broker/Dealer, and Investment Advisory Services offered through a Registered Investment Advisor (RIA).
Extended Reporting Period:
Unlimited extended reporting period is granted to the insured in the event of retirement, disability, career change, or death (coverage extended to heirs) for no additional premium.
Retroactive Date:
Prior acts are dependent on your designation.
With respect to an agent or general agent, it is the date the agent or general agent became continuously insured without interruption under any claims made professional liability policy (subject to written proof of such coverage at the time the insured gives written notice to the insurer of a claim under the policy).
With respect to a Registered Representative or a Registered Investment Adviser, it is the latest date the Registered Representative or Registered Investment Adviser contracted with the Broker/Dealer.
Plan Eligibility:
Agents are eligible to receive this coverage subject to their favorably answering all qualifying questions on the application.
Please call (866) 795-2041 if you have any further questions.
National Ethics Bureau (NEB) Sponsors Groundbreaking Errors & Omissions Insurance Program for Preferred - Risk Financial Professionals
Low-risk agents can now save up to 50% on their E&O insurance premium, according to industry ethics group.
SAN DIEGO, CA, October 24, 2008—Agents can purchase coverage under a new product to be issued by Continental Casualty Insurance Company (CNA) and administered & offered by Marsh Consumer, a service of Seabury & Smith. Coverage under this product will cost up to 50% less than comparable coverage for higher risk individuals.1
Preferred Risk E&O™ substantially lowers the cost of E&O insurance for insurance agents. Reason: It allows agents to pay a premium commensurate with the risk they pose to the insurer. Since applicants have favorably answered a comprehensive series of background questions, CNA’s premium is substantially lower than the premium charged for non-qualifying risks.
“Preferred Risk E&O™ is the next-generation of professional liability insurance for insurance professionals,” says Steven R. McCarty, National Ethics Bureau Chairman. “Now that high-risk agents are purged from the pool, low-risk agents can get a much better deal.”
Preferred Risk E&O™ provides a $1,000,000 limit of liability for each claim and a $2,000,000 individual insured annual aggregate limit, and deductibles start at just $500 per insured for life, accident, and health products.
You may select from three levels of protection as follows:
- Package A covers activities relating to life, accident, and health insurance for a total annual cost of only $495, which includes premium plus NEB administrative fee (see below).**
- Package B covers all of the above plus indexed and fixed annuities for a total annual cost of $595 which includes premium plus NEB administrative fee (see below).**
- Package C covers all of the above, plus mutual funds and variable life/annuities for a total annual cost of $695, which includes premium plus NEB administrative fee. Agents who have purchased either Package A, B, or C may also add disability income insurance coverage to their plan for an additional total annual cost of $50, which includes premium plus NEB administrative fee (see below).**
Agents who have purchased Package C may also add registered investment advisor representative coverage (which includes the sale and servicing of mutual funds, variable products, stocks, and bonds) for an additional total annual cost of $400, which includes premium plus NEB administrative fee (see below).**
Not only is CNA offering these competitive rates to agents, it has also agreed to provide a host of innovative features, including:
- Post-retirement claims for no additional premium
- Notary Public activity
- Legal fees, court costs, and costs of appeal
- Coverage extended to spouses, domestic partners, beneficiaries, estate, or legal representatives for claims arising out of their status as such
- Employees or administrative personnel if acting on behalf of insured
- Severability for all personal conduct exclusions
- Coverage for failure to supervise, manage, or train
- Acting as a fiduciary advisor for ERISA plans
- Fee-based financial planning services ancillary to professional services
Other features include:
- Competitive rates
- Unlimited extended reporting period
- Individualized coverage options
- Optional coverage for the sale and servicing of mutual funds, variable products, stocks, and bonds by a Registered Investment Advisor (series 65) if purchased
- Optional coverage for discretionary authority is provided to Registered Investment Advisors for professional services as defined under the policy
(Note: To see Policy for complete list of coverage and exclusions click here.)
Preferred Risk E&O™ also offers flexible payment options through Marsh Consumer, including annual pay with credit card, annual pay by check, and monthly payments via checking account or credit card. Monthly payments require an additional $5.00 monthly processing charge.
Standing behind Preferred Risk E&O™ insurance offering are two of the strongest players in the marketplace. The underwriter is CNA, the 7th largest U.S. commercial insurer and 13th largest U.S. property & casualty insurer. CNA provides insurance protection to more than 1 million businesses and professionals in the U.S. and internationally.
The plan offerer & administrator is Marsh (a service of Seabury & Smith) is part of the family of MMC companies.
With 24,000 employees and annual revenues approaching $5 billion Marsh serves more clients in more industries worldwide than any other firm in our industry. Marsh works with businesses, public entities, organizations, and private clients in over 100 countries.
Applicants can purchase coverage quickly and conveniently using a dedicated Marsh online application. To learn more, visit www.eoforless.com or call Marsh Consumer at (866) 795-2041.
1According to a 2008 NEB marketing analysis, most advisors pay from $800 to $1,200 annually for Life, Accident, Health, and Fixed Annuity E & O insurance coverage. Therefore, the NEB equivalent of $595 represents a potential annual savings of 20% to 50%.
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