E & O Coverage Highlights
Insurer: Praetorian Insurance Company – An Admitted Carrier. Praetorian has an A.M. Best rating of “A-”, X.
Policy Limits (Applicable to Defense Costs and Damages):
Options available are:
$1,000,000 per Wrongful Act and Rep Aggregate
$5,000,000 Policy Aggregate
or
$2,000,000 per Wrongful Act and Rep Aggregate
$5,000,000 Policy Aggregate
Retention: $1,000 or $2,500 (dependent on which limit option is chosen)
Coverage:
- Coverage is on “Claims Made & Reported” basis, which covers claims first presented to an Insured Agent/Rep and reported to the Insurer during the policy period.
- Coverage extends to an Insured Agent/Rep business entity but only with respect to those operations of the business entity related to the covered Professional Services provided by an Insured Agent/Rep.
- Coverage extends to licensed & unlicensed administrative staff for their activities in support of an Insured Agent/Rep, as long as they work solely in that capacity and do not produce or sell insurance.
- Coverage for Prior Acts is provided back to the date the Insured Agent/Rep maintained continuous Errors & Omissions insurance coverage. However, the policy excludes any claim arising out of any Wrongful Act occurring prior to the inception date of the policy if the Insured knew or could have foreseen that such an act might be the basis of a claim or suit. Evidence of continuous Errors & Omissions insurance is required at the time an actual claim or incident is reported.
- Coverage extends to the sale and/or servicing of individual and group Life, Accident & Health, Disability, Long Term Care Insurance, Employee Benefits Plans and Individual and Group Retirement Plans. Options are available to include coverage for Variable Products and Mutual Funds
