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Professional Liability / E&O Coverage Features

The Agency Advantage® Professional Liability Insurance Program was designed specifically to match the needs of agencies like yours. We offer the coverage you need most and the service you deserve – at a cost you can afford.

Flexible Underwriting … Superior Service

Agency Advantage offers flexibility that helps you design the coverage and limits your agency needs, at a cost you can afford. Our underwriting staff will work with you to gain an understanding of your agency – like the number of years you’ve been in business, the type of risks you write, and your previous claims history. You can expect, and count on, an exceptional level of service.

Affordable, Competitive Rates

The base premiums for this policy are very competitive and designed to be affordable for agencies like yours. Plus, the program features premium credits designed to save you even more.

Limits Up to $5,000,000*

Protect your agency with liability limits of $250,000 to $5,000,000* of Professional Liability Insurance coverage. The policy covers the amount of damages you are legally obligated to pay as a result of an act, error or omission in the performance of your professional services in connection with Property and Casualty products; and Life, Accident and Health products are included up to 25% of revenue.

* Liability limit options may vary by state.

Wide Range of Retentions Starting as Low as $1,000

Based on the size of your agency and the complexity of your operations, you may qualify for a
retention as low as $1,000. Or, you may choose a retention amount as high as $100,000 (depending on your state) and take advantage of premium credits designed to save qualified applicants money.

Covers Independent Contractors, Current and Past Employees

The Policy’s broad definition of an insured includes producers who are, were, or become partners, directors, officers, managers, and employees, as well as independent contractors for whom you choose to provide coverage for professional services performed on behalf of your agency.

Pays Legal Fees and Court Costs in Addition to Liability Limits

Claim expenses are covered in addition to the liability limits you select up to an equal and separate limit to cover legal fees, court costs, and other expenses related to your defense. Most firms are eligible.

Worldwide Coverage

Claims made against you within the United States, Puerto Rico, and Canada are covered regardless of where the alleged act, error or omission occurred.

Includes Consent to Settle Provision

The policy gives you the right to approve settlement offers or compromises acceptable to the company and the claimant.

Personal Injury Coverage

The policy includes protection against claims alleging slander, libel, invasion of privacy, malicious prosecution, and other non-bodily injury damages.

Early Claim Resolution Incentive

The policy provides a 50% reimbursement of your deductible for claims settled within 1 year of being reported – up to $5,000 per claim and $25,000 per policy period.

Supplementary Payments

• Coverage up to $25,000 per policy period for defense of disciplinary actions
• A $5,000 per claim subpoena expense
• Loss of earnings coverage with a benefit of $500 a day, $7,500 per claim and $25,000 per policy period maximum

Claims Made and Reported Policy Form

• The policy includes a 60 day automatic extended reporting period.
• Option to purchase a 1, 3 or 5 year extended reporting period for cancelled or non-renewed policies is offered subject to state of availability.
• 30 day claim reporting grace period is provided for claims received, but not reported, prior to the expiration of the policy.

Includes coverage for:

• Defense for innocent insureds with full defense limits
• Punitive damages where insurable
• Insolvency for carriers based on an A.M. Best rating of B+ or better at the time of placement
• Notary, premium financing, expert witness and teaching related to the sale and service of insurance

Mutual Funds coverage is available by endorsement.