Risk Management Services (RMS) has established a group errors & omissions insurance plan for life and health insurance agents in partnership with Gotham Insurance Co. Applications must be submitted via the entity’s online quote facility; coverage can be bound through the Internet as well.
The new group plan is tailored to agents with less than five years of experience, according to Joanne LaMaestra, RMS production manager, who said new agents often don’t realize their E&O exposures.
“Obtaining proper licensing authorities, securing carrier appointments, identifying potential leads, and scheduling sales appointments are only a few of the tasks that must be performed. With all of the distractions inherent in starting any new career, it is not surprising that many overlook a key element in any business strategy – acquiring adequate levels of errors & omissions (E&O) insurance. Worse still, those who seek the coverage are often surprised at the premiums new agents must pay,” said LaMaestra.
RMS simplified its online application process and all policy outputs are now delivered electronically. Two coverage limits are offered through the RMS group plan: $500,000 each claim/$500,000 in the aggregate and $1 million each claim/$1 million in the aggregate. A $2,500 deductible applies to both options. The total master policy aggregate is $5 million.
RMS policies start at $350.00. Gotham has underwritten the policy form to specifically tailor to life and health insurance agents. The new online facility focuses on start-up life and health insurance agents with under $100,000 in annual revenues.