Association Member Benefits Advisors LLC Errors & Omissions Insurance Program

• This Errors and Omissions insurance program is designed exclusively for Insurance Agents of the Association Member Benefit Advisors and is underwritten by Berkshire Hathaway Specialty Insurance. The program is designed to protect AMBA agents against claims arising from the sale and servicing of Life and Health insurance products.
• This E&O Policy renews on January 1st. All certificates of insurance issued under this policy will renew January 1st. Premiums are prorated based on chosen effective date of coverage.
• Not eligible for this program? Search other E&O programs.

Pricing Information

Premiums are prorated to allow for mid-policy enrollment.

• At the time of enrollment, each agent will be required to make a non-refundable payment in the amount of the first month’s premium plus state surplus lines taxes (minimum earned premium). Administrative fees, NAPA dues, and minimum earned premium are non-refundable.
• This policy renews on January 1st of each year.
• Pricing includes $36.00 prorated NAPA dues and 3% Delaware State Surplus Lines Taxes. Down payments are processed immediately. Monthly payments include a $5.00 processing fee and are deducted in advance on the first of each month.

Program Eligibility

• You must be actively contracted with Association Member Benefits Advisors LLC at the time of your effective date under this policy in order to be eligible for coverage
• You must have an active life and/or health insurance license to be eligible for coverage.
• You must be actively contracted with Association Member Benefits Advisors LLC at the time you submit a claim under this policy in order to be eligible for coverage.

Coverage Limits

• $1 Million per claim / $2 Million annual aggregate
• $1 Million per claim / $3 Million annual aggregate

Program Features

Deductibles and Retentions

• $0 deductible on Association MemberBenefits Advsiors product-related claims
• $500 deductible for Non Association MemberBenefits Advsiors claims. Applies to both damages and defense costs.

Payment Options

• Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the first of each month.

Underwriter

• This errors and omissions coverage is placed with a non-admitted carrier. Please reference the A.M. Best rating and disclosures link below for an explanation of admitted and non-admitted carriers.
• Coverage is afforded by National Fire & Marine Insurance Company and underwritten by Berkshire Hathaway Specialty Insurance Company: A.M. Best Company financial strength rating of "A++" (Superior) XV.

Disclosures

All policy documents are delivered in electronic format by default.

• Professional Agents Risk Purchasing Group, LLC is a Delaware domiciled risk purchasing group (RPG). Risk Purchasing Groups differ from traditional insurance companies in several ways, for example: • Permitted by Federal Law – “Liability Risk Retention Act of 1986” • A group of insureds engaged in similar businesses or activities to purchase insurance coverage from a commercial insurer • May be exempt from some state insurance regulations • May not be covered by various state guarantee funds Arthur J. Gallagher & Co, and any of its subsidiaries do not guarantee the financial viability of any insurance company, carrier, pool, risk retention group, or other means of risk transfer or risk sharing.
• All policy related documents and communications are delivered in electronic format where allowable by law.
• For complete details on covered professional services and exclusions, please refer to the policy form.

Program Administrator

Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions for additional information.