Error & Omissions FAQ
How quickly can I get an Errors and Omissions policy?
Depending upon your state and the type of business you do, you may qualify for the Express E&O Program. Simply complete the online form and click submit. If you qualify, you will receive a link to the application area for the Express E&O Program. You can then complete the application and request coverage.
If you don't qualify, your information will be sent to our office and one of our representatives will contact you today or the next business day to assist you with your insurance needs. A full application for underwriting purposes will likely be required.
Click here to complete our online form.
Note: Not all firms will qualify for the Express E&O Program, due to underwriting guidelines and/or location
What happens after I complete the full application and submit it?
This application will be forwarded to the underwriters for review. Once the underwriter has provided us with terms, we will send you a formal written quotation.
How do I bind coverage?
The formal quotation will have a coverage order form. You will need to follow the instructions and return your coverage order form along with your payment. Please remember to note if the quotation has any required documents or additional information to bind coverage. Those items must accompany your order.
Will I receive confirmation after I've placed my order?
Once we receive your payment and order, we will request coverage with the insurance carrier. We will also send you a letter acknowledging that you have requested coverage, along with the policy particulars. The carrier will issue a policy and we will forward the policy to your attention.
Can coverage be tailored to meet my firm's specific needs?
Absolutely! The E&O programs we offer have a variety of coverage that can be tailored to fit the needs of your firm. Available coverage includes:
- Coverage limits from $100,000 to $2,000,000.
- Choice of deductible as low as ZERO (0).
- Reduced or waived deductible if you practice specific risk reduction techniques.
- Prior Acts (coverage for prior transactions) if continuously insured.
- Consent to settle clause.
- Lock box coverage.
- First-dollar defense.
- Discrimination (fair housing) loss and defense.
- Sale of owned residential properties.
- Sale of constructed/developed properties.
- Environmental hazards (pollution).
This is a summary of coverages available through our carriers. Some coverages may not be available to all applicants.
What kind of payment arrangements do you offer?
You can pay your premium in full or, if you qualify, some of our carriers offer interest-free payment plans. We also offer traditional premium financing through AFCO Premium Finance, a premium finance company, which allows you up to 12 installments. This plan is subject to a finance charge.
Who is eligible for coverage?
Real estate agents, brokers, personal assistants, consultants or counselors, real estate appraisers, property managers, real estate leasing agents, short-term escrow agents, mortgage brokers and auctioneers of real property all qualify for coverage.
How do I file a claim?
Forward a copy of your paperwork to our Madison, Wisconsin address or fax it to 866-443-4310. We will report the claim directly to your insurance carrier. Please review the claim handling guideline in your policy. Most insurance carriers have specific reporting guidelines.
Claims Made Policy Facts
What is a Claims-Made Insurance Policy?
A policy that is written on a claims-made basis and coverage provided by that policy, applies to negligent acts, errors and omissions completed between the Prior Acts or Retroactive Date and the end of the policy period. The claim must be made against the policy while the policy is in effect. Once a claims-made policy lapses or is terminated, all coverage ceases for any claims or potential claims not already reported to the insurance carrier, regardless of when the negligent act, error or omission actually occurred.
What is a Prior Acts Date or Retroactive Date?
The prior acts date or retroactive date is the first date the policy will provide coverage for negligent acts, errors and omissions. Typically, this is the first date that continuous errors and omissions insurance coverage is in effect with no lapse. This is a key date to remember when purchasing a claims-made policy.
What conditions might trigger a claims-made policy?
The following conditions may trigger a claims-made policy:
- The insured receives their first knowledge of a claim or potential claim during the policy period;
- The claim or potential claim should be reported pursuant to the terms and conditions of the policy and during the policy period;
- The negligent act, error or omission giving rise to the claim must occur after the "prior acts or retroactive date" that is set forth in the policy;
It is very important to note that insurance carriers may define "first knowledge" differently. A good risk management practice would be to report the claim or potential claim to prevent any possible coverage declination for failure to report timely. Read your insurance policy carefully to get a full understanding of the insurance carriers claim reporting guidelines. If you have questions, talk to your insurance agent.
What do I do if I am not planning to renew the policy when it expires?
- If you are still in business, we encourage you to renew the policy or replace it with the same type of coverage on or before the policy's expiration date;
- If you are closing your business or have decided not to renew, you do have the option to purchase an Extended Reporting Period or "Tail" policy.
We encourage you to review the Extended Reporting Period Options outlined in your insurance policy. Ask your insurance agent if you have questions. There are certain requirements to follow when purchasing this option.