Call (800) 405-5005
to speak with a Client Services Specialist about your E&O Insurance needs, or complete our online application.
Errors and Omissions Insurance Help Questions / Answers
Errors and Omissions Insurance Help Questions / Answers are provided as basic information for those who have or need Errors and Omissions insurance. For additional Errors and Omissions insurance help, questions or information please contact us. We’re happy to speak with you about your needs.
What is Errors and Omissions Insurance (E&O) ?
What does E&O Insurance cover?
How is working with RESSI™ different than working directly with a carrier?
Why do I need to shop coverage?
Your business changes each year, if even slightly. Sometimes those changes mean your current carrier is no longer the best option for you. Shopping your E&O coverage also ensures you’re getting the best policy for your needs at the best price.
of the transaction.
What if I retire or sell my business?
Extended Reporting Period (ERP) options are available for these situations. Speak with your Client Services Specialist regarding the details, as each policy and situation is different. It is important to note that you must have a current, continuous policy in force OR an Extended Reporting Period in place in order to report claims to the carrier.
What is “tail” coverage?
An Extended Reporting Period (ERP) or “tail” coverage is an endorsement you purchase in the event that you retire, sell your business, or lose your policy retroactive coverage for some reason. An ERP is designed to allow an extended amount of time to report claims to the carrier after your policy has expired or is cancelled. An ERP only covers claims that occurred on or after the policy retroactive date and on or before the policy expiration or cancellation date. Any transactions that occur after the expiration or cancellation of a policy are NOT covered under an Extended Reporting Period. The cost for this option varies by carrier and is typically a percentage of the expiring policy premium. Most policies require that an ERP is purchased within 30 or 60 days from the policy expiration or cancellation date. Not sure if you need an ERP? Contact your Client Services Specialist – we’re happy
What does “claims-made” policy mean?
1.) The transaction occurred on or after your policy retroactive date and
2.) The claim is reported while the policy is in force.
Not maintaining current, continuous coverage means that there is NO coverage for ANY transaction even if coverage was in place at the time of the transaction.
How is my premium determined?
1.) The state of domicile
2.) Gross commission income
3.) Breakdown of business activities
4.) The number of professionals being insured
5.) Any claim, incident, or disciplinary action history. Any time one of these factors changes, you may experience changes in your premium.
Why do I have to complete an application every year?
What is retroactive coverage?
Does it matter if I let my policy lapse?
Do you need additional Errors and Omissions Insurance help?
Call (800) 405-5005 or