Standard Life and Accident Insurance Company Errors & Omissions Insurance Program
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E&O Insurance for Standard Life and Accident Insurance Company agents
- About This Coverage
- Program Eligibility
- Pricing Information
- Program Features
- Payment Options
- Underwriter
- Disclosures
- Program Administrator
E&O Insurance for Standard Life and Accident Insurance Company agents
- This Errors and Omissions Insurance Plan is underwritten by National Casualty Company, an admitted carrier rated A+ XV by A.M. Best, and designed exclusively for agents, managing general agents, and personal producing general agents of Standard Life and helps to protect against claims arising from the sale and servicing of insurance products.
E&O Reimbursement program: Agents may now use Lead Credits from the Bonus Lead Program for the purchase of your Errors and Omissions Insurance. Apply online and then submit your E&O Order confirmation email with the completed Bonus Lead order form and submit both to Karen Saye via email at Karen.Saye@slaico.com or fax to 409-621-3964 for reimbursement. Contact Karen at the Home office 888-290-1085 Ext. 3616 or your managing general agent if you have any questions or would like to request a Bonus Lead Order form. - Not eligible for this program? Search other E&O programs.
- $1 Million per claim / $1 Million annual aggregate
- $1 Million per claim / $2 Million annual aggregate
Program Eligibility
- You must be actively contracted with Standard Life and Accident Insurance Company 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 Standard Life and Accident Insurance Company at the time you submit a claim under this policy in order to be eligible for coverage.
- This program is limited to agents earning $250,000 or less in the 12 months prior to enrollment
- The approval process typically takes 3 to 5 business days for appointed agents. Approval may take longer for agents who are pending sponsor appointment.
Pricing Information
$1 Million per claim / $1 Million annual aggregate
Standard Life Fixed Products Only Option A: Coverage extends to all life, health, disability, long term care and other fixed products of Standard Life and Accident Insurance Company only. Variable products, indexed products and annuities are NOT included.
or pay $410 in full
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.
- 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
- Two Plan Options: Coverage for Standard Life and Accident Insurance Company products Only or choose full coverage for all life and health carriers
- Basic coverage extends to all life, health, disability, long-term care with additional coverage options for indexed products and fixed annuities available
- Annual renewable claims-made and reported policy
- A policy aggregate of $10,000,000*
*Policy aggregate limit of liability is not applicable to those agents and registered representatives who are residents of or practice in New York State.
- Defense costs reduce the limit of liability and are subject to the retention. Punitive damages are not covered by the policy. Refer to the policy form for the definition of defense costs and punitive damages.
- Provides coverage for your administrative, clerical and support personnel while they are acting on your behalf.
- Prior acts coverage back to first date of continuous E&O coverage
- Includes insolvency coverage for claims that arise from the insured’s placement of coverage with an insurance company with an A.M. Best financial strength rating of “A-” or better at the time of placement
- One year extended reporting period available upon request – see policy for further details
- Limited Underwriting.
- 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 Standard Life product-related claims
- $1,000 deductible for Non Standard Life claims involving fixed products (other than fixed annuities)
- $2,500 deductible for claims involving indexed products and fixed annuities
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.
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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E&O Insurance for Standard Life and Accident Insurance Company General Agents
- About This Coverage
- Program Eligibility
- Pricing Information
- Program Features
- Payment Options
- Underwriter
- Disclosures
- Program Administrator
E&O Insurance for Standard Life and Accident Insurance Company General Agents
- This Errors and Omissions Insurance Plan is underwritten by National Casualty Company, an admitted carrier rated A+ XV by A.M. Best, and designed exclusively for agents, managing general agents, and personal producing general agents of Standard Life and helps to protect against claims arising from the sale and servicing of insurance products.
E&O Reimbursement program: Agents may now use Lead Credits from the Bonus Lead Program for the purchase of your Errors and Omissions Insurance. Apply online and then submit your E&O Order confirmation email with the completed Bonus Lead order form and submit both to Karen Saye via email at Karen.Saye@slaico.com or fax to 409-621-3964 for reimbursement. Contact Karen at the Home office 888-290-1085 Ext. 3616 or your managing general agent if you have any questions or would like to request a Bonus Lead Order form.
- $1 Million per claim / $1 Million annual aggregate
- $1 Million per claim / $2 Million annual aggregate
Program Eligibility
- You must be actively contracted with Standard Life and Accident Insurance Company 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 Standard Life and Accident Insurance Company at the time you submit a claim under this policy in order to be eligible for coverage.
- This program is limited to agents earning $250,000 or less in the 12 months prior to enrollment
- The approval process typically takes 3 to 5 business days for appointed agents. Approval may take longer for agents who are pending sponsor appointment.
Pricing Information
$1 Million per claim / $1 Million annual aggregate
Standard Life Fixed Products Only Option A: Coverage for personal production extends to all life, health, disability, long term care and other fixed products of Standard Life and Accident Insurance Company only. Variable products, indexed products and annuities are NOT included. Coverage also includes acts as a general agent but only extends to Standard Life and Accident products. There is no coverage for acts as a general agent for other carriers. For coverage to be effective as a general agent, all subagents of the general agent must have a minimum 1M/1M E&O coverage.
or pay $570 in full
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.
- 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
- Two Plan Options: Coverage for Standard Life and Accident Insurance Company products Only or choose full coverage for all life and health carriers
- Basic coverage extends to all life, health, disability, long-term care with additional coverage options for indexed products and fixed annuities available
- Participating managing general agents and personal producing general agents will be insured as life insurance agents for their personal production and life insurance general agents for liability arising out of their recruiting, training, and supervision of their subagents. For coverage to be effective, all subagents of the general agent must have E&O coverage for the wrongful act leading to the claim with limits of $1,000,000 or greater
- Annual renewable claims-made and reported policy
- A policy aggregate of $10,000,000*
*Policy aggregate limit of liability is not applicable to those agents and registered representatives who are residents of or practice in New York State.
- Defense costs reduce the limit of liability and are subject to the retention. Punitive damages are not covered by the policy. Refer to the policy form for the definition of defense costs and punitive damages.
- Provides coverage for your administrative, clerical and support personnel while they are acting on your behalf.
- Prior acts coverage back to first date of continuous E&O coverage
- Includes insolvency coverage for claims that arise from the insured’s placement of coverage with an insurance company with an A.M. Best financial strength rating of “A-” or better at the time of placement
- One year extended reporting period available upon request – see policy for further details
- Limited Underwriting.
- 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 Standard Life product-related claims
- $1,000 deductible for Non Standard Life claims involving fixed products (other than fixed annuities)
- $2,500 deductible for claims involving indexed products and fixed annuities
- $10,000 deductible for MGAs and PPGAs for claims arising from their subagents
$5,000 deductible if 50% or more of an MGA's or PPGA's subagents are insured under this policy at the time of claim
$0 deductible if 100% of an MGA's or PPGA's subagents are insured under this policy at the time of claim
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.
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.
- 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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