Coverage Highlights - Policy Period: Oct 1 2008 to Oct 1 2009
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The policy period is 12 months, beginning October 1, 2007 and expiring on October 1, 2008.
You may enroll in this program at any time. Each effective date will be the first of the month.
So, there are 12 optional effective dates. Each effective date after October 1, 2007 will have a prorated premium.
If you are renewing coverage in this program, or you currently have E&O coverage and you are joining this program,
you need to pick an effective date in the same month that your coverage expires. So, if your current coverage expires on November 15, 2007,
you need to choose a November 1, 2007 effective date to avoid a gap in coverage.
Coverage
| Insurer |
Options |
Praetorian Insurance Company (a member of QBE the Americas) An admitted Carrier.
Praetorian has an AM Best rating of “A-”, X.
Policy Limits & Retention: (dependent on which option chosen) Applicable
to Defense Costs & Damages, each Wrongful Act or series of Wrongful Acts:
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$1,000,000 per Wrongful Act Limit
$1,000 per Wrongful Act Retention
or
$2,000,000 per Wrongful Act Limit
$2,500 per Wrongful Act Retention
$8,000,000 Policy Aggregate
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- 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 or group Life, Accident & Health,
Disability and Long Term Care Insurance, Employee Benefit Plans, Individual and Group Retirement
Plans, including any independent appointments you may hold. Options are available to include coverage
for Variable Products and Mutual Funds.
This outline provides general information on your Errors and Omissions Insurance Program.
It is not intended to interpret the terms of the policy or to be legal
advice, but rather summarizes our understanding of the coverage provided.
It is not a part of the policy, nor does it modify or serve as a conclusive statement of its terms.
For questions regarding the E&O Program, please contact:
Arthur J. Gallagher & Co. Insurance Brokers of California
Attn: Carolyn Osborn
15 Enterprise, Ste 200
Aliso Viejo, CA 92556
(800) 532-0327 x801
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