Errors & Omissions Insurance For Colonial Life Agents
AIP has been supplying quality benefits services to the independent sales agents and their families since 1996. One of our most successful programs is our E&O Insurance plan. Because of our group buying power, AIP has been able to put together programs that are extremely competitive and are backed by one of the largest E&O carriers. With the AIP program you can rest assured you have comprehensive coverage at a competitive price.
E&O Insurance PLAN HIGHLIGHTS
- Guarantee Issue – Group Discounted Premiums
- Pay monthly by credit card or EFT; Make a one-time payment by credit card, check or EFT
- 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.
- Prior acts coverage extends to first date of continuous coverage.
- $0 deductible on Colonial product-related claims (damages only) and $2,500 deductible for non-Colonial 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.
E&O Insurance Plan Options & Rates
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.