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FAQs |
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Are employees covered under my policy? Is my corporation covered? Are prior acts covered? Do I have to be a member of NAIFA before I submit my application for Errors & Omissions coverage? Is coverage for Series 6 (mutual funds) and Financial Products (mutual funds, stocks/bonds, unit investment trusts, and limited partnerships) available under this program? What is the turnaround time for a quotation once I submit my application? If I cancel my policy will I receive a refund of unused premium? Do I have to place all of my business with A-rated carriers? As a new agent, how should I complete the application? I sell more Property & Casualty products than I do Life/Health, should I still use the NAIFA application? Do you still have a question? If so, click here to ask our insurance professional. Are employees covered under my policy? Under the definition of insured, the Named Insured is covered as well as any past, present or future principal, partner, officer, director, stockholder, trustee or employee of the Named Insured with respect to the defined professional services performed on behalf of the Named Insured. |
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| Is my corporation covered? Yes, the corporation, partnership or sole proprietorship under which the Insured is doing business or is employed, but only as respects such entity’s liability as it might arise out of the Insured’s activities specified as covered elsewhere in the policy. |
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| Are prior acts covered? Full prior acts coverage is available to qualified applicants who have had three or more consecutive years of continuous coverage, subject to underwriting approval. |
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| Do I have to be a member of NAIFA before I submit my application for Error & Omissions coverage? We offer a no obligation premium quotation. If you choose to accept the premium quote, you must show verification that you have subsequently joined NAIFA. Apply for Coverage Apply for NAIFA membership (This link takes you to the NAIFA website.) |
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| Is coverage for Series 6(mutual funds) and Financial Products(mutual funds, stocks/bonds, unit investment trusts, and limited partnerships)
available under this program? Yes. For an additional premium, coverage for these products are available. You can either select this coverage when you complete the application, and it will be included in your no-obligation premium quotation. Or, you can contact us for more information at 1-800-247-3448. |
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| What is the turnaround time for a quotation once I submit my application? The average processing time runs approximately seven to ten business days. |
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| If I cancel my policy will I receive a refund of unused premium? Cancellation requests must be submitted in writing and return premium is the industry standard short rate cancellation. This is approximately 10%. |
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| Do I have to place all of my business with A-rated carriers? You are not restricted under this policy on where you can place business. However, there is no coverage for claims arising out of insolvency for carriers that are rated less than A- by A.M. Best at the time of placement. For Agency coverage, this protection is subject to carrier and underwriting approval. |
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| As a new agent, how should I complete the application? If you are newly licensed, please estimate your activities and revenue for the next year and use projected total revenue when providing your responses. Apply for Coverage |
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| I sell more Property & Casualty products than I do Life/Health products. Should I still use the NAIFA
application? The NAIFA-endorsed Professional Liability Program offers coverage for Property & Casualty products as a supplement. If the percentage of your Property & Casualty income is greater than 50%, please contact our office at 1-800-247-3448 for alternative markets. |
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