Life Insurance Company of Alabama Errors & Omissions Insurance Program
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E&O Insurance for Life Insurance Company of Alabama agents
- About This Coverage
- Program Eligibility
- Pricing Information
- Program Features
- Payment Options
- Underwriter
- Disclosures
- Program Administrator
E&O Insurance for Life Insurance Company of Alabama agents
- This Errors and Omissions insurance program is designed exclusively for Life Insurance Company of Alabama Agents and covers the sale and servicing of life & health 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.
Program Eligibility
- You must be actively affiliated with Life Insurance Company of Alabama at the time of enrollment
- If you are no longer affiliated with Life Insurance Company of Alabama during the policy period, coverage for any new business activities ceases immediately as of your termination date. You will be covered under an Extended Reporting Period beginning on the date of termination. Please see the policy for further details.
Pricing Information
Premiums are prorated to allow for mid-policy enrollment.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.
- This policy renews on January 1st of each year.
- Pricing includes $25.00 administrative fee and $36.00 prorated NAPA dues. Down payments are processed immediately. Monthly payments include a $5.00 processing fee and are deducted in advance on the 1st of each month.
- 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 (minimum earned premium). Administrative fees, NAPA dues, and minimum earned premium are non-refundable.
Program Features
- Guarantee Issue – Group preferred rates
- Coverage includes life, accident and health, disability income activities including Medicare Advantage and Medicare Supplements, universal life, section 125, employee benefit plans, managed health care organizations
- Additional coverage for annuities, mutual funds and variable products available (if purchased)
- A policy aggregate of $15,000,000*
*Policy aggregate limit of liability is not applicable to those agents and registered representatives who are residents of or practice in New York State.
- Provides coverage for your administrative, clerical and support personnel while they are acting on your behalf.
- Provides coverage for any corporation, partnership or other business entity that is owned or controlled by an Agent, General Agent or Registered Representative but only for the covered acts of the individual Agent, General Agent or Registered Representative. This is individual E&O insurance.
- First dollar defense costs are provided and are within the limits of liability. Punitive damages are not covered by the policy.
- Coverage under this program is offered on a claims made basis. The policy will only cover claims first made against the Insured and reported to the Insurer during the certificate period. The agent must not have had knowledge of the claim or circumstances likely to result in a claim at the effective date of coverage.
- This policy applies to any act, error or omission which takes place anywhere in the world, provided that the claim is made and suit is brought against the Insured in the United States of America
- Instant proof of insurance upon approval.
- This is a claims made and reported policy. Claims must be submitted as soon as practicable in writing to the insurer. Coverage only applies to claims first made during the policy period and claims must be reported during the policy period or during an extended reporting period (ERP). Prior acts are covered back to the first day of continuous E&O coverage. Please refer to the policy form for claim reporting provisions and definition of a claim, prior acts definition, and ERP details.
- $500 deductible for Life Insurance Company of Alabama product-related claims
- $2,500 deductible for Non Life Insurance Company of Alabama product-related claims
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 an admitted carrier. Please reference the A.M. Best rating and disclosures link below for an explanation of admitted and non-admitted carriers.
- Your coverage is underwritten by BCS Insurance Company.
bcsins.com
BCS Insurance Company is A.M. Best "A" (Excellent) rated carrier.
Disclosures
All policy documents are delivered in electronic format by default.
You can manage your renewal notice delivery options by visiting "My Account" menu option at the top of the page. Refer to the policy form by clicking on the Policy button at the top of the page for more details on covered professional services and exclusions. A.M. Best rating and other disclosures.
- 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
This E&O Insurance program is administered by NAPA. Program administrative services include policy review and issuance, premium billing and invoicing, mid-term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.
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.
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