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NAPA E&O Insurance

Chartered Life Underwriter® (CLU®)
Chartered Financial Consultant® (ChFC®)
Errors & Omissions Insurance

At NAPA, we understand that the Chartered Life Underwriter® (CLU®) and the Chartered Financial Consultant® (ChFC®) are the world's most respected designations of insurance expertise, helping these agents gain a significant advantage in a competitive market. The prestigious course of study can help advance your career by providing in-depth knowledge on the insurance and financial needs of individuals, business owners and professional clients. Now, earning one or both of these designations qualifies you for expanded coverage options and preferred pricing.

View E&O Policy Apply for NAPA Premier E&O


NAPA offers expanded coverage options for Chartered Life Underwriter® (CLU®) and Chartered Financial Consultant® (ChFC®) agents who deliver fee based Registered Investment Advisor (RIA) services or financial adviser services, as well as coverage for the sales and servicing of life, health, disability policies, fixed annuities (including indexed annuities) PLUS mutual funds & variable products, securities, and other fee based activities (investment advice). There are currently very few coverage options for these functions available to the agents in the marketplace. This program provides expanded coverage at competitive rates as a special benefit of your advanced Chartered Life Underwriter® (CLU®) and Chartered Financial Consultant® (ChFC®) education through the American College.

 

To participate in this program, agents must:

  • Maintain a Chartered Life Underwriter® (CLU®) or Chartered Financial Consultant® (ChFC®) designation
  • Complete the online enrollment application
  • Meet the experience requirements and ethics standards established by The American College, and agree to comply with their Code of Ethics and Procedures.
  • Preferred underwriting and acceptance
  • Preferred pricing
  • Expanded coverage for the sale of securities and RIA activities tailored to meet the specific needs of Chartered Life Underwriter® (CLU®) and Chartered Financial Consultant® (ChFC®) agents
  • Coverage for disciplinary hearing costs
  • Coverage for clerical and administrative staff
  • Coverage extends to agency for all of individual named insureds
  • $1,000,000 per wrongful act / $1,000,000 annual aggregate
  • $1,000,000 per wrongful act / $3,000,000 annual aggregate
  • $2,000,000 per wrongful act / $2,000,000 annual aggregate
  • $1,000 for claims arising from fixed life, health, accident and disability insurance and annuities
  • $5,000 for all other claims (e.g. variable products, mutual funds, Series 6 & 7, & individual investment adviser activities)

NAPA is pleased to announce our support of The American College in broadening the impact of the top credentials in our profession, the Chartered Life Underwriter® (CLU®) and the Chartered Financial Consultant® (ChFC®). Both of these trademarks are owned and supported by the profession's leading non-profit educator, The American College. The College has an 84-year history of dedication to financial advisors and the clients they serve. There are no other designations for financial advisors who work with the general public that require more in-depth knowledge or are conferred by an institution with a longer track record of ethical and educational excellence.

 

Plan Options & Rates

This plan is an annual-renewable claims-made policy.

 

NAPA Premier Rates
Pricing shown is for agents earning less than $250,000 in gross annual commission & fee and is based on a coverage limit of $1,000,000 per wrongful act / $1,000,000 annual aggregate.

 

Rates for agents with gross revenue for the current year

 

Silver Plan:

Coverage for the sale and service related to the following products: Life, Accident, Health, Disability, LTC, including Medicare Advantage and Medicare Supplements, Fixed Annuities (including indexed annuities)

Coverage Limits Single Payment* Down Payment** Monthly Payment
$1M / $1M $525.00 $135.87 $40.83
$1M / $3M $635.00 $154.17 $49.17
$2M / $2M $955.00 $199.17 $74.17
Coverage Limits Single Payment* Down Payment** Monthly Payment
$1M / $1M $1,135.00 $246.25 $86.25
$1M / $3M $1,340.00 $267.92 $102.92
$2M / $2M $2,060.00 $382.92 $157.92
Coverage Limits Single Payment* Down Payment** Monthly Payment
$1M / $1M $2,245.00 $393.75 $173.75
$1M / $3M $2,675.00 $457.12 $207.08
$2M / $2M $4,175.00 $641.67 $326.67

Gold Plan

Coverage for the sale and service related to the following products: Life, Accident, Health, Disability, LTC, including Medicare Advantage and Medicare Supplements, Fixed Annuities (including indexed annuities) PLUS Mutual Funds & Variable Products

Coverage Limits Single Payment* Down Payment** Monthly Payment
$1M / $1M $640.00 $150.00 $50.00
$1M / $3M $805.00 $177.50 $62.50
$2M / $2M $1,175.00 $235.87 $90.83
Coverage Limits Single Payment* Down Payment** Monthly Payment
$1M / $1M $1,370.00 $270.42 $105.42
$1M / $3M $1,600.00 $312.50 $122.50
$2M / $2M $2,525.00 $444.62 $194.58
Coverage Limits Single Payment* Down Payment** Monthly Payment
$1M / $1M $2,810.00 $468.37 $218.33
$1M / $3M $3,300.00 $541.29 $256.25
$2M / $2M $5,050.00 $755.87 $395.83

Platinum Plan

Coverage for the sale and service related to the following products: Life, Accident, Health, Disability, LTC, including Medicare Advantage and Medicare Supplements, Fixed Annuities (including indexed annuities) PLUS Mutual Funds & Variable Products, and Securities

Coverage Limits Single Payment* Down Payment** Monthly Payment
$1M / $1M $825.00 $183.75 $63.75
$1M / $3M $1,035.00 $219.62 $79.58
$2M / $2M $1,490.00 $298.79 $113.75
Coverage Limits Single Payment* Down Payment** Monthly Payment
$1M / $1M $1,700.00 $311.67 $131.67
$1M / $3M $1,995.00 $359.17 $154.17
$2M / $2M $3,250.00 $537.12 $252.08
Coverage Limits Single Payment* Down Payment** Monthly Payment
$1M / $1M $3,395.00 $535.46 $265.42
$1M / $3M $4,050.00 $626.71 $465.00
$2M / $2M $6,175.00 $909.17 $484.17

 

Platinum PLUS Plan (with Fee based Adviser Coverage)

Coverage for the sale and service related to the following products: Life, Accident, Health, Disability, LTC, including Medicare Advantage and Medicare Supplements, Fixed Annuities (including indexed annuities) PLUS Mutual Funds & Variable Products, and Securities, and fee based activates as a Financial Adviser or Registered Investment Adviser. Limited to advisers with less than $15 million in assets under management.

Coverage Limits Single Payment* Down Payment** Monthly Payment
$1M / $1M $1,150.00 $215.42 $90.42
$1M / $3M $1,400.00 $245.42 $110.42
$2M / $2M $2,175.00 $346.67 $171.67
Coverage Limits Single Payment* Down Payment** Monthly Payment
$1M / $1M $2,430.00 $409.21 $189.17
$1M / $3M $2,900.00 $475.87 $225.83
$2M / $2M $4,665.00 $700.87 $365.83
Coverage Limits Single Payment* Down Payment** Monthly Payment
$1M / $1M $4,930.00 $741.29 $386.25
$1M / $3M $5,930.00 $875.00 $465.00
$2M / $2M $9,170.00 $1,287.12 $722.08
* Prices include $36.00 NAPA membership dues and applicable fees, taxes and doc stamps. **Down payment refers to monthly payment option. Your down payment includes one month's premium, NAPA dues, administrative fees and a $5.00 monthly processing fee. Down payments will be processed immediately; monthly deductions as shown above will begin the first of the month after enrollment effective date.

Payment Options

  • Make a single payment by check, EFT or credit card
  • Pay monthly by EFT (electronic funds transfer) or credit card

Plan Underwriter

NAPA has made sure that your E&O Insurance is secured by an outstanding insurance company. 
Scottsdale Insurance Company is rated A+ Superior by AM Best.

 

Errors and Omissions Insurance for the following:

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