The Errors and Omissions (E&O) policy provided through the Agents' E&O program is underwritten by National Union Fire Insurance Company of Pittsburgh, PA for agents in the United States. National Union is a subsidiary of AIG.
The broker for the policy provided through the Agents' E&O program is Marsh USA LLC dba Marsh Risk & Insurance Services. Marsh is available to assist with policy coverage questions. Marsh can be reached by calling 800-538-7802.
Please note that depending upon the coverage you select, the products you are licensed to market, solicit, & service, and particular state requirements the policy issued to you may contain additional endorsements. The general U.S policy contains the current master policy number.
Policy Cancellation
The E&O policy will automatically be cancelled if an agent's contract is terminated during the year. The agent will receive a pro-rated refund of the policy premium based on the termination date.
Active agents may also submit requests to have the policy cancelled during the year. The agent must submit a written request to ASR to have the policy cancelled. The policy will be cancelled 30 days after the written notice is received. The agent will receive a pro-rated refund of the policy premium based on the cancellation date, not the notice date.
If payment was made using a credit card, the refund will be processed back to the original payment method. If that credit card is no longer valid, please call us at 800-538-7802.
Policy Limits
There are three different E&O policy limit amounts available. They are:
$1,000,000 per claim & $3,000,000 per year per agent aggregate
$2,000,000 per claim and $6,000,000 per year per agent aggregate
$5,000,000 per claim and $8,000,000 per year per agent aggregate.
There are two different EPL policy limit amounts available:
$1,000,000 per claim – included as part of the base E&O policy you select.
$2,000,000 per claim – at a cost of 15% of the E&O policy premium.
PLUP or CLUP
As a reminder, if you have a State Farm Personal or Commercial Liability Umbrella policy (PLUP or CLUP), that is endorsed with excess Professional Liability Coverage, your PLUP or CLUP policy requires that you carry a minimum of $2 million per claim/ $6 million per year aggregate underlying E&O coverage. Carrying a lower level of E&O coverage may result in the removal of excess Professional Liability coverage from your PLUP or CLUP. Please carefully consider your options for coverage to ensure you have the amount of coverage you deem appropriate.
Exclusions
There are some important exclusions the Errors and Omissions (E&O) policy does not cover:
Any claim alleging fraud, dishonesty, criminal or malicious acts;
any claim alleging discrimination (except for under certain circumstances in the Employment practice coverage);
any claim brought by one Insured under this policy against another Insured;
any claim for or alleging bodily injury to, or sickness, disease or death of any person, or damage to or destruction of any property, including the loss of use thereof;
any claim arising out of or connected with the performance or failure to perform services for any person or entity:
which is owned by or controlled by any Insured; or
which owns or controls any Insured; or
which is affiliated with any Insured through any common ownership or control; or
which any Insured is a director, officer, partner, or principal stockholder.
The E&O policy also excludes coverage for the following:
any claim arising out of the marketing, solicitation or servicing of a policy or service issued by the State Farm Companies;
any claim brought by State Farm Companies thereof against any Insured;
any claim where the State Farm Companies thereof is jointly or severally liable.