Senior Market Sales, Inc. has partnered with CalSurance (Brown and Brown of California, Inc.) to offer errors and omissions insurance at discounted rates for life and health insurance agents who do business with Senior Market Sales.
The initial open enrollment period launched Feb. 2, 2009. Insurance agents who are contracted with Senior Market Sales can now enroll for an 18-month policy effective March 1, 2009 to Sept. 1, 2010.
Agents must be producers with at least one carrier through Senior Market Sales to be eligible for the coverage. Four coverage options are available to accommodate agents in different product lines. For example, an agent who specializes in health insurance — including Medicare Supplement, Medicare Advantage, final expense, long-term care and other group and individual accident and health insurance — and has less exposure to E&O insurance claims pays less than one who also sells life and annuities.
“One of the exciting aspects of this program is the flexibility agents have to tailor their E&O coverage to their own practice,” said Dwane McFerrin, director of Medicare Solutions for Senior Market Sales. “An agent who only sells Medicare products doesn’t have to carry extra E&O coverage or pay additional premiums for products he doesn’t deal with.”
Agents can further lower their E&O rates and deductibles by placing business through Senior Market Sales. For example, a health agent working exclusively with Senior Market Sales can get $1 million in coverage for only $539.70 for an 18-month policy. That’s equivalent to about $30 a month. The premium for the same policy increases to $611.80 if the agent also writes business with other IMOs.
Additional E&O coverage for fixed life and annuities is also available.
E&O coverage through Senior Market Sales is underwritten by Liberty International Underwriters — a division of Liberty Mutual Group — and administered by CalSurance.
Source: Senior market Sales
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