Errors and Omissions InsuranceLife, P&C and RIA Agency
• Portable coverage with prior acts included
• Vanishing Deductible (20% per year; applies to first insured claim)
• Entity Coverage - multiple professionals may enroll and pay at one time
• Instant Access - 10 questions, choose and pay!
• Monthly payment options
• Auto-Renew Option - no annual hassles
• Prior Acts Coverage back to date of first continuous E&O policy
• Insurer – Rated A+ (Excellent): XV by A.M Best
Broad Coverage and Eligibility
• Fiduciary under ERISA 3(21) and 3(38)
• Discretion as an RIA
• Trade Errors
• Inverse Securities
• Privacy and Identity Protection - $10,000 Defense and Liability
• Disciplinary Proceeding / Subpoena - $10,000 Defense
• Awareness Provision for reporting potential claims
Had a bump in the road, or need broader coverage than this "Instant Access" program provides? Let us know! The underwriter will give your case special consideration.
*DefenderMax is a robust program built for financial professionals. Options I and J are for RIA firms with firm AUM pricing versus cost per individual. DefenderMax has other options for individual life agents, BD registered reps and investment advisors. Contact CustomerService@InterWebInsurance.com or call 866-277-7162
Questions and Answers
Can my Errors and Omissions policy be automatically renewed? Yes. To streamline the renewal process for Applicants who become Insureds and who have no material changes during the policy period, our "Auto-Renewal With Opt-Out Process" will be utilized. You will be provided with the Auto-Renewal Notice e-mail 90 days prior to expiration and will be provided with the opportunity to opt-out of the Auto-Renewal. You will be provided with and reminded of the qualifying questions, the coverage options previously selected and the renewal costs. If you want to Auto-Renew, do nothing. If you do not respond by opting out you will be warranting that you meet the qualifications and understand that coverage will be renewed and your credit card will be charged. If you choose not to Auto-Renew, respond to the e-mail and Opt-Out. A Customer Service Representative will contact you to confirm your desire to not Auto-Renew and discuss further options. Reminder: As soon as an insured knows of an alleged "wrongful act" which may result in a covered "written claim", the insured must give the insurer written notice of the details. All such notices are to be by a separate document and not part of the renewal application. See the policy for all claim reporting obligations and information. Is there Errors and Omissions coverage for past "wrongful acts"? Yes. Coverage applies for claims arising from "wrongful acts" back to the "Prior Acts Date", which is the date of your first continuous E&O professional liability policy. Should you have a claim, you will be required to provide the claim adjuster with proof of continuous E&O back to the date of the "wrongful act" giving rise to the claim in order to access coverage. Is Errors and Omissions coverage limited to products of any particular company or sponsor? No. Your coverage is "portable". Coverage is not dependent upon your maintaining a relationship with any particular insurer, broker- dealer, RIA or marketing organization. This program offers a menu of coverage for various products and activities, but retentions may differ. Is there Errors and Omissions coverage for property/casualty insurance products? Yes. Choose from Personal Lines only or Personal Lines and Commercial Lines. Please review the Program Highlights and Summary for details on what is covered and not covered. Which Errors and Omissions are not covered? See the Program Highlights and Summary for a condensed explanation of policy content. However, no user-friendly summary is complete. The sample policy is available and should be reviewed prior to enrollment. Call Customer Service if you have any questions. What happens if my Errors and Omissions coverage terminates? Should your Certificate of Insurance with Defender Max terminate, you will cease to be an eligible member of the purchasing group and coverage will cease. There is a minimum earned (non-refundable) premium of 25%. If you are fully retiring from the business and cease to perform any professional services, you will have the opportunity to purchase an Extended Reporting Period (ERP) for additional premium in order to report claims made against you during that ERP. You will have only 30 days from coverage termination to elect and purchase the ERP. Call Customer Service for details. I currently have other E&O coverage. What should I do before I terminate that coverage? Most E&O policies include an awareness provision similar to that described below. Therefore, we strongly suggest that you report any incidents for which you feel could give rise to an E&O claim to your current carrier. Failure to do so could leave you without coverage for such claims if it is discovered that you had knowledge of the incident prior to your enrollment in this E&O program. What is a claim? The policy responds to "Written Claims", defined as a written notice or demand, including "suit", for monetary damages by a client of the Named Insured or Rep alleging a Wrongful Act, including a complaint, arbitration proceeding, or civil lawsuit. Suit includes civil or arbitration, but not criminal or regulatory matters. The Incident Reporting Endorsement also allows Insureds to report circumstances which MAY give rise to a "Written Claim". Claims must be reported to the insurer as soon as practicable, but prior to the end of the policy period. Notify National Casualty C/O ProSurance Group immediately as a claim or potential claim can be denied if it is not reported in a timely fashion and result in NO coverage. ProSurance Group, Inc. 2685 Marine Way, Suite 1408, Mountain View, CA 94043. Claim questions may be directed to ProSurance Group at 650 428-0818. When and how do I report a claim? As stated, report the claim to the Insurer at the address stated above and in your certificate of insurance as soon as practicable. 1. Be prepared to provide the insurer with copies of reports, investigations, pleadings and related papers; 2. Immediately forward every demand, notice, summons, or other process received to the Insurer at the address on the certificate; 3. Cooperate with the Insurer to provide them with any and all information they require; 4. Do not speak with anyone other than your claims adjuster, attorney, or the Insurer about the matter, and do not demand or agree to arbitration of any claim nor make payment, admit any liability, settle any claims, assume any obligation, or incur any expenses without the written consent of the Insurer.