All Agents of WFGIA and its subsidiary agencies with an active provider appointment and all representatives of TFA are required to have E&O Insurance through the companies' provider. Participation in this program is mandatory pursuant to your Associate Membership Agreement (AMA) or Agent Agreement. An Agent cannot decline coverage for any reason. (Please note: Because of state law, WFGIA agents and TFA reps in NY are exempt from this policy.)
General
As an agent, you are required to carry E&O insurance coverage. WFGIA and TFA have partnered with Marsh to manage an exclusive program, specifically designed to meet WFGIA and TFA insurance requirements.
Marsh, the world’s leading insurance broker and risk advisor, specializes in designing customized insurance solutions. Our job is to simplify managing your business insurance so your business can thrive.
Coverage
Your WFG E&O insurance only applies to products and services sold and approved through WFGIA and TFA.
The insurance coverage is written on a claims made and reported basis, which means that in order to be covered, a claim must be presented to you and reported to the Insurer, in writing, during the current policy period to trigger coverage. Coverage for prior acts is provided as long as this condition is met, along with the following:
- You are not aware of any circumstances that may give rise to a claim as of the effective date of coverage.
- There is no other insurer providing coverage for such claims
- The act, error or omission must have occurred after the date of first continuous, uninterrupted professional liability insurance or the date you first contracted with WFGIA or TFA, whichever is earlier.
If your contract with WFG or TFA is terminated, you will no longer be eligible for this coverage and it will be cancelled on the date you are terminated. Your coverage does include an Automatic Discovery Period of sixty (60) days following your termination date, provided termination is not for disciplinary reasons. This allows you to report claims under the policy, but only for wrongful acts that occurred prior to your termination date.
If separate E&O coverage with prior acts is not secured, any claims or incidents reported after the cancellation date of your coverage (or discovery period, if applicable) will not be covered, even though the alleged wrongful act occurred prior to your termination date.
You also have the ability to purchase a one-year Optional Discovery Period, to report claims under the policy for wrongful acts that occurred prior to your termination date. This optional Discovery Period would be effective as of your termination date and would continue for 12-months thereafter.
Once you have enrolled successfully, you will receive an E&O Handbook and a Certificate of Insurance. If you have additional questions, you can contact the Marsh Service Center at (800) 380-0451.
Claims
A claim is formal written demand for monetary relief or if you are formally served with process or papers in a lawsuit.
A claim is ‘made’ when you receive a written demand or you are provided with or formally served with process or papers in a lawsuit, arbitration or disciplinary proceeding. Once a claim has been ‘made’ against you or you are aware of a potential claim, you are required to report the claim to the insurer during the policy period.
Your E&O coverage is written on a claims made and reported form and includes an Automatic Discovery Period of sixty (60) days following your termination date* or until the end of the policy period, whichever is earlier. This Automatic Discovery Period allows you to report claims under the policy for wrongful acts that occurred prior to your termination date.
In addition to the Automatic Discovery period, you also have the ability to purchase a one-year Optional Discovery Period, to report claims under the policy for wrongful acts that occurred prior to your termination date*. This optional Discovery Period would be effective as of your termination date and would continue for 12-months thereafter.
To be eligible for the Optional Discovery Period, you must:
- Submit your request to EandOServices@marsh.com or call us at (800) 380-0451 to purchase the Optional Discovery Period from Marsh within 60-days of your termination date.
- Pay the additional premium due, which is 100% of the expiring annual premium paid for enrollment (we will charge the payment method that we have on file unless you provide alternative method for payment).
- This additional premium is deemed fully earned upon payment and non-refundable.
- The Optional Discovery Period cannot be cancelled.
*You are ineligible for the Automatic and Optional Discovery Period if you are terminated for cause.
As soon as you are aware of a claim or potential claim, complete the claim report that is in your Handbook and promptly submit it as instructed on the form.
Service
Your credit card will be charged by Marsh approximately 45 days prior to your next installment date according to your payment schedule.
Yes. Any unearned premium due will be credited to the credit or debit card on file.
The policy for which you are applying is issued by a purchasing group. The purchasing group may not be subject to all of the insurance laws and regulations of your state of domicile. State insurance insolvency guaranty funds may not be available for purchasing groups.