E&O Insurance for Life & Health Agents

Coverage Details for $406 (Insurance Premium $250  and NEA Membership Fee $156 )

Provides protection for your liability for wrongful acts solely in rendering or failing to render professional services. This includes activities relating to the sale, attempted sale or servicing of Medicare Advantage and Medicare Supplemental products. Please note: Prior Acts coverage as well as continuous coverage applies only to the prior or current sale and servicing of Medicare Advantage and Medicare Supplemental products.

Coverage Details for $481 (Insurance Premium $325  and NEA Membership Fee $156 )

Provides protection for your liability for wrongful acts solely in rendering or failing to render professional services. This includes activities relating to the sale, attempted sale or servicing of life insurance, accident and health insurance, long term care products or managed health care organization contracts (that does not require a securities license), disability income insurance, Medicare advantage and Medicare supplemental.

+ Privacy Protection Endorsement (additional premium, if purchased)

Coverage Details for $556 (Insurance Premium $400  and NEA Membership Fee $156 )

Provides protection for your liability for wrongful acts solely in rendering or failing to render professional services. This includes activities relating to the sale, attempted sale or servicing of life insurance, accident and health insurance, long term care products or managed health care organization contracts (that does not require a securities license), disability income insurance, Medicare advantage and Medicare supplemental plus the sale, attempted sale or servicing of indexed/fixed annuities.

+ Privacy Protection Endorsement (additional premium, if purchased)

Coverage Details for $656 (Insurance Premium $500  and NEA Membership Fee $156 )

Provides protection for your liability for wrongful acts solely in rendering or failing to render professional services. This includes activities relating to the sale, attempted sale or servicing of life insurance, accident and health insurance, long term care products or managed health care organization contracts (that does not require a securities license), disability income insurance, Medicare advantage and Medicare supplemental, plus the sale, attempted sale or servicing of indexed/fixed annuities.   Also includes coverage with respect to acts as a registered representative for the sale, attempted sale or servicing of variable annuities, variable insurance (that requires a securities license) or 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.

+ Privacy Protection Endorsement (additional premium, if purchased)

NEA Member Fee Disclosure: The NEA member fee covers your membership in the National Ethics Association (NEA). Please note that the NEA membership fee is not part of the insurance transaction. You must be a member of the NEA and be able to successfully complete the application for coverage in order to be eligible for the insurance offered through the NEA. If you wish to purchase this insurance coverage, you may apply for the insurance by completing the application, as noted above. You will then pay the insurance premium and receive your certificate of insurance.

Premium Payment: annual or monthly payment options are available.  Initial payments are processed immediately; subsequent monthly payments are processed on the third business day of each month. The down payment for the monthly payment option includes the first month premium and a $5 processing fee; subsequent monthly payments also include a $5 processing fee.

The premium is earned on the first of each month. Earned premium is nonrefundable.

Pay with credit card or electronic funds transfer (EFT).

Overview

Provides protection for your liability for wrongful acts solely in rendering or failing to render professional services. This includes activities relating to the sale, attempted sale or servicing of life insurance, accident and health insurance or managed health care organization contracts (that does not require a securities license), disability income insurance, Medicare advantage and Medicare supplemental products, indexed/fixed annuities (if purchased), variable annuities, variable insurance (that requires a securities license) or mutual funds (if purchased) that are registered with the Securities Exchange Commission, if required, through a Broker/Dealer that is a member of the Financial Industry Regulatory Authority, and Financial planning activities in conjunction with the services described above.

Please note: The Medicare only coverage option is limited to the sale and servicing of Medicare advantage and Medicare supplemental products.

Limits of Liability

Medicare Advantage and Medicare Supplemental Only: $1,000,000 each claim/$1,000,000 annual aggregate

All Other Coverage Options: $1,000,000 each claim/$3,000,000 annual aggregate

$25,000,000 total Master Policy aggregate (for all non-New York Insureds)

Privacy Protection Endorsement Sublimits:

$100,000 aggregate for all loss per insured
$100,000 each claim and in the aggregate for Privacy Injury Liability
$100,000 each claim and in the aggregate for Privacy Regulation Proceedings
$25,000 each claim for Privacy Event Expenses

Wire Transfer Claim Endorsement Sublimits

$150,000 per Wire Transfer Claim/$150,000 per Insured

Deductibles (Retentions):

*$0 Each Claim for Life, Accident, Health Insurance, LTC Products, Disability (that does not require a securities license)

$0 Each Claim for Medicare Advantage and Medicare Supplemental
$1,000 Each Claim for Indexed Annuities, Fixed Annuities (if purchased)
$5,000 Each Claim for Variable Annuities/Variable Insurance (that requires a securities license) and Mutual Funds (if purchased)
$5,000 Each Claim for the Privacy Protection Endorsement (if purchased; not available if resident license is in NY)
$5,000 Each Claim for Wire Transfer

Endorsements (included)

DOL Fiduciary Services Endorsement
This is a clarification of coverage in relation to the Department of Labor Fiduciary rule. Pursuant to the Department of Labor Fiduciary Rule, agents/representatives will now be held to a higher standard of care (i.e. fiduciary) for the services they perform for clients. This endorsement clarifies the fiduciary services exclusion to note that the exclusion does not apply while an Insured is acting as a fiduciary pursuant to and in accordance with all of the requirements of the Department of Labor’s Conflict of Interest provisions as they relate to retirement advice.

Amend Definition of Registered Representative
This is for those insureds who continue to purchase Errors & Omissions coverage even though they are no longer in the industry and whose registration may not be current with FINRA due to this. Agents/Registered Representatives will be eligible to enroll for Errors & Omissions coverage for mutual funds/variable annuities even if they are no longer registered to sell such products (but had been in the past).

Important State Amendatory Endorsements

Additional Features Include:

• Competitive rates
• Prior Acts Coverage going back to the first continuous E&O policy subject to policy provisions
• Individual Certificate Period
• 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.
• Extended reporting period options are available for an additional charge subject to the policy provisions as long the Insurer receives written notice and the total premium of the Certificate of Insurance has been paid for such period within 30 days after the end of the Certificate Period.
• Automatic one year extended reported period at no additional charge for an Agent, General Agent or Registered Representative who become Retired or Disabled during the Certificate Period
• Quick and easy online enrollment with certificate available online upon successful confirmation of premium payment
• Quick and easy online certificate renewal upon successful completion of the application
• Coverage is provided for the named insured’s administrative, clerical, and support staff, but only while acting on behalf of the named insured; and for any corporation, partnership, or other business entity that is owned or controlled by the named insured, but only for the covered acts of the named insured. Refer to the policy form for the definition of an insured.
• 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 certificate period. Claims must be reported during the certificate 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.

*does not apply to NY Insureds

Plan Eligibility

10 Preferred Risk Questions

Underwritten by:

Your coverage is secured by Continental Casualty Company, a member company of CNA Financial and is rated A (Excellent) by A.M. Best.

Disclaimer: 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.

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.

A.M. Best rating chart and other disclosures PDF

Life and Health Policy Specimen PDF