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.)
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Any business or licensed professional who offers advice or provides a service needs an errors and omissions (E&O) insurance policy, also known as professional liability insurance. An E&O policy protects your livelihood in the event you are sued for negligence or inadequate work by financially supporting you in the event of a claim made by a client (in excess of your deductible). Your insurer pays the cost to defend you as well as any settlement amount up to your limit of liability.
Even if a claim made against you seems frivolous and without merit, the cost in defending you in that claim could be several thousands of dollars. E&O insurance is there to protect you against claims and provide peace of mind.
Your credit card will be charged by Marsh approximately 45 days prior to your next installment date according to your payment schedule.
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.
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.