E&O Enroll
Arthur J. Gallagher Risk Management Services, LLC (License Nos. IL 100292093 / CA 0D69293)
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Errors & Omissions Coverage Questions< Back to Errors & Omissions Quote Who is an Insured under the program?
What type of policy is this? This policy is a 'Claims-Made and Reported' policy, which means the policy only covers those Claims against you that are both made and reported to the Insurer during the same policy period. Claims made against you must be report immediately to Continental Casualty Company, in written form along with supporting documents, in order to be recognized by your E&O carrier. Additionally, you must immediately report incidents or circumstances, which may result in a Claim against you, provided (1) you do so while an Insured under this policy and (2) you first become aware of the incident or circumstance during the policy period.
What activities are covered under this policy? Sale or attempted sale or servicing of:
What exactly am I covered for in the sale and/or servicing of Employee Benefit Plans? You are covered for the sale and/or attempted sale of Employee Benefit Plans, IRA's and KEOGH Retirement Plans. In addition, you are covered for your administration of Employee Benefit Plans (consultation with participants in an employee benefit plan in order to explain the provisions of such plan, enrollment, record keeping and filing reports with governmental agencies). There is no coverage for the design or implementation of employee benefit plans or for third party claims administration nor is there coverage for 412 plans, 419 plans, multi-employer (including but not limited to Taft Hartley) or self-funded plans.
Am I covered for any activities related to Property and Casualty Insurance? No, you are not covered for the sale of Property and Casualty Insurance. You are covered only for your incidental referral of Property and Casualty Insurance.
Does the policy cover claims arising out of tax advice to the clients? The policy will cover claims against you for rendering tax advice as long as it was incidental/advice given in conjunction with covered Professional Services.
What if I have sold an insurance product from an insurance company that becomes insolvent? If the Carrier was rated "A-" at the time of placement the insolvency exclusion will not apply.
Does the policy cover products offered by other insurance companies? Yes, it provides coverage for the sale, attempted sale or servicing of non-Goldencare sponsored products. The retention is higher for non- Goldencare sponsored products.
Am I required to report all circumstances that could give rise to a Claim? The policy requires you to immediately report circumstances involving a Wrongful Act, which may reasonably give rise to a future claim. Continental Casualty Company will determine what Claims are covered under the policy.
How do I determine if something is qualified as a Claim? a. A written demand for monetary damages; or
Who should I report claims to? Continental Casualty Company
Is there an Extended Reporting Period, (ERP / tail) provision? In the event that your agent contract with Goldencare is terminated for reasons other than a disciplinary termination, a mini-extended reporting period (“tail”) will be provided for one year following the date of termination of your contract to cover your professional services prior to your termination date with Goldencare (so long as you are not covered under any other policy). Agents terminated for disciplinary reasons are not eligible for extended reporting periods. If you retire or become disabled and are no longer insured nor providing any professional services which would have been covered under this policy you will continue to be covered so long as this policy remains in place.
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