Colonial Life Errors & Omissions Insurance Program

E&O Insurance for Agents and Brokers of Colonial Life

This plan is designed exclusively for agents and brokers of Colonial Life and helps to protect against claims arising from the sale and servicing of insurance products. Coverage for new agents starts at just $68.75 down and $28.75 a month or a one time payment of $325.00.

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New agents
Agents
Brokers
Highlights
Pricing

New agent Plan Highlights

E&O Insurance is one of the best ways to safeguard your financial future. AIP offers Errors & Omissions Insurance exclusively for Colonial Life Agents and Brokers. Coverage includes life, accident, health insurance sales/ servicing, universal life, long term care, annuities, Section 105 & 125, employee benefit plans, managed health care organizations, disability income and may also include coverage for mutual funds and variable products.

Eligibility Requirements

  • This E&O program is for newly licensed agents (licensed less than 1 year) with no prior insurance sales experience
  • You must be actively contracted with Colonial Life 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.
  • The approval process typically takes 3 to 5 business days for appointed agents. Approval may take longer for agents who are pending sponsor appointment.

Program Features

  • Guarantee Issue – Group preferred rates
  • Coverage includes life, accident and health, LTC, universal life, section 125, employee benefit plans, and managed health care organizations, disability income activities, mutual funds, annuities, and variable products
  • Coverage includes financial planning, advice, and consultation solely in connection with any of the products
  • Prior acts coverage back to first date of continuous E&O coverage
  • Defense costs outside the limits of liability up to $500,000 in the aggregate per policy period
  • 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.
  • Provides coverage for your administrative, clerical and support personnel while they are acting on your behalf
  • 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 “B+” or better at the time of placement
  • Wrongful termination coverage for supervisory agents
  • Policy includes a $750,000 per claim and $750,000 annual policy sublimit of coverage for claims arising out of the sales and servicing of mutual funds, variable life and variable annuities
  • You are purchasing a claims-made errors and omissions policy. Under a claims made policy, coverage must be in-force at the time the product is sold and at the time the claim is filed with no "lapses or gaps" in coverage.

Liability Coverage Options

  • $1 Million per claim / $1 Million annual aggregate

Deductibles

  • $0 deductible on Colonial Life product-related claims (damages only)
  • $2,500 deductible for Non Colonial Life product-related claims (damages only)

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 business day of each month.

Program Underwriter

  • This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating chart and disclosures link below for an explanation of admitted and non-admitted carriers.
  • Your coverage is secured by Arch Insurance: A.M. Best Company financial strength rating of A+ (Superior) XV.
Premiums are prorated to allow for mid-policy enrollment This policy renews on May 1st of each year.

Includes $40.00 administrative fee. Down payment refers to our monthly payment option. Payments using EFT are deducted on first business day of each month. Monthly payment option includes a $5.00 a month collection fee. Policy is subject to minimum earned premium equal to one month of premium. Administrative fees, dues and minimum earned premium are non-refundable. All enrollments must start on the first of the month.

Highlights
Pricing

Agent Plan Highlights

E&O Insurance is one of the best ways to safeguard your financial future. AIP offers Errors & Omissions Insurance exclusively for Colonial Life Agents and Brokers. Coverage includes life, accident, health insurance sales/ servicing, universal life, long term care, annuities, Section 105 & 125, employee benefit plans, managed health care organizations, disability income and may also include coverage for mutual funds and variable products.

Eligibility Requirements

  • You must be actively contracted with Colonial Life 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.
  • The approval process typically takes 3 to 5 business days for appointed agents. Approval may take longer for agents who are pending sponsor appointment.

Program Features

  • Guarantee Issue – Group preferred rates
  • Coverage includes life, accident and health, LTC, universal life, section 125, employee benefit plans, and managed health care organizations, disability income activities, mutual funds, annuities, and variable products
  • Coverage includes financial planning, advice, and consultation solely in connection with any of the products
  • Prior acts coverage back to first date of continuous E&O coverage
  • Defense costs outside the limits of liability up to $500,000 in the aggregate per policy period
  • 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.
  • Provides coverage for your administrative, clerical and support personnel while they are acting on your behalf
  • 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 “B+” or better at the time of placement
  • Wrongful termination coverage for supervisory agents
  • Policy includes a $750,000 per claim and $750,000 annual policy sublimit of coverage for claims arising out of the sales and servicing of mutual funds, variable life and variable annuities
  • You are purchasing a claims-made errors and omissions policy. Under a claims made policy, coverage must be in-force at the time the product is sold and at the time the claim is filed with no "lapses or gaps" in coverage.

Liability Coverage Options

  • $1.5 Million per claim / $1.5 Million annual aggregate
  • $2.5 Million per claim / $2.5 Million annual aggregate

Deductibles

  • $0 deductible on Colonial Life product-related claims (damages only)
  • $2,500 deductible for Non Colonial Life product-related claims (damages only)

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 business day of each month.
  • Pay by Commission Account Deductions. Representative must be approved by Colonial for deductions. This option is only available for May 1st effective dates. Please contact AIP at (800) 411-4753 to verify eligibility.

Program Underwriter

  • This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating chart and disclosures link below for an explanation of admitted and non-admitted carriers.
  • Your coverage is secured by Arch Insurance: A.M. Best Company financial strength rating of A+ (Superior) XV.
Premiums are prorated to allow for mid-policy enrollment This policy renews on May 1st of each year.

Includes $57.00 administrative fee. Down payment refers to our monthly payment option. Payments using EFT are deducted on first business day of each month. Monthly payment option includes a $5.00 a month collection fee. Policy is subject to minimum earned premium equal to one month of premium. Administrative fees, dues and minimum earned premium are non-refundable. All enrollments must start on the first of the month.

Highlights
Pricing

Broker Plan Highlights

E&O Insurance is one of the best ways to safeguard your financial future. AIP offers Errors & Omissions Insurance exclusively for Colonial Life Agents and Brokers. Coverage includes life, accident, health insurance sales/ servicing, universal life, long term care, annuities, Section 105 & 125, employee benefit plans, managed health care organizations, disability income and may also include coverage for mutual funds and variable products.

Eligibility Requirements

  • Two preferred risk underwriting questions
  • You must be actively contracted with Colonial Life 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.
  • The approval process typically takes 3 to 5 business days for appointed agents. Approval may take longer for agents who are pending sponsor appointment.

Program Features

  • Coverage includes life, accident and health, disability income activities, universal life, annuities and section 125, employee benefit plans, managed health care organizations
  • Additional coverage for mutual funds and variable products available if purchased
  • Coverage includes financial planning, advice, and consultation solely in connection with any of the products
  • Prior acts coverage back to first date of continuous E&O coverage
  • Defense costs outside the limits of liability up to $500,000 in the aggregate per policy period
  • 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.
  • Provides coverage for your administrative, clerical and support personnel while they are acting on your behalf
  • 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 “B+” or better at the time of placement
  • Wrongful termination coverage for supervisory agents
  • Policy includes a $750,000 per claim and $750,000 annual policy sublimit of coverage for claims arising out of the sales and servicing of mutual funds, variable life and variable annuities
  • You are purchasing a claims-made errors and omissions policy. Under a claims made policy, coverage must be in-force at the time the product is sold and at the time the claim is filed with no "lapses or gaps" in coverage.

Liability Coverage Options

  • $1 Million per claim / $1 Million annual aggregate
  • $2 Million per claim / $2 Million annual aggregate

Deductibles

  • $500 deductible on Colonial Life product-related claims (damages only)
  • $2,500 deductible for Non Colonial Life product-related claims (damages only)
  • $5,000 deductible for variable and mutual fund products

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 business day of each month.

Program Underwriter

  • This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating chart and disclosures link below for an explanation of admitted and non-admitted carriers.
  • Your coverage is secured by Arch Insurance: A.M. Best Company financial strength rating of A+ (Superior) XV.

Pricing WITHOUT Mutual Funds Coverage

Pricing WITH Mutual Funds Coverage

Premiums are prorated to allow for mid-policy enrollment This policy renews on May 1st of each year.

Pricing includes $57.00 administrative fees. Down payment refers to our monthly payment option. Payments using EFT are deducted on first business day of each month. Monthly payment option includes a $5.00 a month collection fee. Policy is subject to minimum earned premium equal to one month of premium. Administrative fees, dues and minimum earned premium are non-refundable. All enrollments must start on the first of the month.