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Frequently Asked Questions

General

• Who are covered under the policy?
• Please refer to the definition of Insured in the policy form
• How long does it take to get a policy issued?
• Policies are typically issued within 10 working days of the receipt of your acceptance form and payment.
• Can I get a binder?
• A binder will be issued upon receipt of a copy of your acceptance form and payment.
• What do the limits $___/$___ mean?
• The first amount represents the amount 'per claim' that will be paid.
• The second amount represents the TOTAL aggregated amount of all claims eligible for payment during the policy period.
• What is the difference between ‘deductible’ and ‘retention’?
• A deductible is the amount that will be reimbursed by the Insured to the Insurer (carrier) for each paid claim.
• Retention is a portion of each insurance claim that is not insured by the policy and requires the Insured to pay before a claim will be paid.
• What is a Claims Made (and Reported) Policy?
• A claims-made policy requires that the claim first be made during the policy period. The report can be made after the policy period, but it generally must be reported to the insurer "immediately" or "as soon as practicable" after the claim is made.
• A claims-made and reported policy also requires that a claim first be made during the policy period. In addition, it specifies that the claim be reported to the insurer during the policy period, or an explicit grace period such as 60 or 90 days after the policy expiration. Refer to your policy for specifics.
• What is a retro date?
• It is the date from which you can show continuous proof of E&O Coverage. There may be NO gaps in coverage – not even one day
• Why is retroactive date important?
• In order for a claim to be covered, it must occur on or after the retroactive date. Any claim made prior to retroactive date, will NOT be covered
• Why does the retro date on my policy say ‘none’ when I have Full Prior Acts?
• Where the retroactive date is shown as 'none' this means that there is no prior time limit for work undertaken in the past; the Insured would be covered for all claims made against them during their policy period that related to work undertaken by them at any time in the past. This provides the broadest coverage in this respect.
• What payment options are offered?
• Discuss with the Underwriter who provides your quote; payment options vary based on carrier.
• Who do I make my check payable to?
• Refer to your quote letter ~ the payee may vary based on the payment option selected.
• Can I use my credit card to reinstate my policy?
• Currently we can only accept credit card payments on our Real Estate Program.
• Can I complete a Certificate of Insurance Form Online?
• Not yet, but you can submit a request online!
• Who should I contact for midterm changes?
• Please contact an Underwriter listed in Our Team that specializes in your profession.
• What changes in my business need to be reported?
• The following changes must be reported:
  • Change in ownership
  • Change of address
  • Change of email address
  • Change of phone number
  • Purchase, merger, acquisition of another book of business (supplemental app required)
  • Membership in a cluster
  • Change in bank account (if you are on electronic fund transfer payment option)
  • Change in activities (if starting a new activity not previously disclosed on application)
• Changes that do not need to be reported:
  • Adding staff members
  • Adding carriers
• What is an ERP?
• An extension on an expiring policy for a specific pre-determined period of time after a claims-made policy. During this time a claim may be made and coverage triggered as if the claim had been made during the policy period.
• What ERP options are available to me?
• Refer to your Policy Form; options vary by program and sometimes even by state. If you need assistance, contact a Program Underwriter listed in Our Team.

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Real Estate

• Do you cover real estate appraisers / inspectors under the Real Estate E&O Program?
• We require that a firm's income be 70% or more from Residential home sales in order to qualify. Stand alone Home Inspectors and/or appraisers are not eligible
• Are agent owned transactions covered?
• As long as you didn't build or construct it, you can sell it subject to policy terms, conditions, and exclusions
• Do you offer a per transaction policy on the Real Estate Program?
• All of our policies are annual premiums
• Do you offer coverage for commercial transactions?
• Commercial sales are not excluded, however operations that are primarily commercial sales will not be eligible for coverage through this program.

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Insurance Agents

• Is L&H activities covered under my P&C policy?
• Yes. The policy covers Life/Health/Accident/Disability and Fixed Annuity Products. This information is located in the Policy form under Definition of Covered Products.
• I just obtained my insurance license…can I get a quote?
• YES! We now have a program for newly licensed insurance agents!

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