New Agent Colonial Life Errors & Omissions Insurance Program
- This E&O program is for newly licensed agents (less than 60 days) with no prior insurance sales experience
- Rates are graduated as you further succeed with your Colonial Life career:
• 2nd year rate*: $346.00
• 3rd year rate*: $407.00
- Guarantee Issue – Group Preferred Rates
- Underwritten by Arch Insurance: A.M. Best Company financial strength rating of "A+ (superior)"
- Pay by credit card or EFT
- Prior acts coverage extends to first date of continuous coverage
- $0 deductible on Colonial Life product-related claims (damages only) and $2,500 deductible for non-Colonial Life claims (damages only)
- Defense costs are provided and are included in the limits of liability.
- Coverage includes life, accident and health insurance activities as well as mutual funds, variable products, universal life, annuities and section 125, employee benefit plans, managed health care organizations and disability income
- Coverage includes financial planning, advice, and consultation solely in connection with any of the products
- Wrongful termination coverage for supervisory agents
- Policy includes a $500,000 per claim and $500,000 annual policy sub-limit of coverage for claims arising out of the sales and servicing of mutual funds, variable life and variable annuities
- Provides coverage for all of your administrative, clerical, and support personnel while they are acting on your behalf
- Provides coverage for any affiliated corporation, partnership, or agency owned or controlled by the insured for their liability arising out of the individual insured’s professional services
- Provides coverage for a claim arising from insolvency of any carrier rated A - or better at time of placement
- This policy renews on May 1st of each year. Premiums are prorated to allow for mid policy enrollment. All enrollments start on the first of the month
*2nd and 3rd year rates are subject to change.
Includes $57.00 administrative fee. Down payment refers to our monthly payment option. Your down payment includes one month's premium and administrative fees. Payments using EFT are deducted on first business day of each month. Monthly payment option includes a $5.00 a month collection fee.