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Errors & Omissions Insurance Coverage Highlights
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Error & Omissions Insurance Coverage Highlights for Participating Agents and Registered Representatives of the Agent Program.
For more information see the Independent Agent Program E&O Policy
| Policy Period |
2020 - 2021 |
| Insurer |
Continental Casualty Company (a/an Admitted carrier rated A XV by A. M. Best), a member of the CNA Insurance Companies. |
Policy Limits
(Applicable to Defense Costs & Damages) |
Options available are:
$1,000,000 each claim and agent Aggregate
$10,000,000 Policy Aggregate
or
$2,000,000 each claim and agent Aggregate
$10,000,000 Policy Aggregate |
Retention
(Applicable to Defense Costs & Damages) |
$500 applies to an Agent/Rep named in a claim involving other products sponsored by AIM .
$2,500 applies to an Agent/Rep named in a claim involving all other products.
$5,000 applies if the $2MM limit of liability options are chosen to an Agent/Rep named in a claim involving all variable or mutual funds. |
| Eligibility/Enrollment |
Agents/Reps who are contracted with AIM are qualified to enroll in this program for Errors & Omissions Insurance. |
| Agent/Rep Termination |
In the event that your agent contract with AIM is terminated, a mini-extended reporting period (“tail”) will be provided until the end of the policy period to cover your professional services prior to your termination date with AIM . All coverage automatically ceases for terminated agents/reps at the conclusion of the policy period and there will be no return premium. If you retire or become disabled you would be entitled to purchase an Extended Reporting Period Endorsement (“tail” coverage). |
| Extended Reporting Period (“tail” coverage) |
If an Agent/Rep retires or becomes disabled, a 3 year Extended Reporting Period Endorsement can be purchased for an additional premium. To request coverage contact Arthur J. Gallagher & Co. |
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Coverage
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I. 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.
II. 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.
III. 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.
IV. 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.
V. 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.
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For more information see the AIM E&O Program FAQs
To request a Certificate of Insurance please go to: Certificate Request
Arthur J. Gallagher & Co. Insurance Brokers of California
18201 Von Karman Ave
Suite 200
Irvine, CA 92612
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.
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