E&O Insurance Program for Authorized Agents & Agencies of BlueCross BlueShield of Minnesota

This plan is designed exclusively for authorized agents & agencies of BlueCross BlueShield of Minnesota and helps to protect against claims arising from the sale and servicing of insurance products. Coverage for agents starts at just $64.17 down and $39.17 a month or a one time payment of $435.00 based on lowest 12 month pricing option. Actual pricing may be prorated based on effective date of coverage.

Apply For E&O Coverage Policy ACA Compliance Agent vs. Agency

Agents
Agencies
Highlights
Pricing

Agent Plan Highlights

  • Gallagher MGA is pleased to be your E&O administrator. If you have any questions regarding the policy or payment options, please call us toll-free at 866.389.0022.
  • This E&O Policy renews on September 1st. All certificates of insurance issued under this policy will renew September 1st. Premiums are prorated based on chosen effective date of coverage.

Eligibility Requirements

  • The approval process typically takes 3 to 5 business days for appointed agents. Approval may take longer for agents who are pending sponsor appointment.

Program Features

  • Guaranteed Issue – group preferred premiums
  • Prior acts coverage back to first date of continuous E&O coverage
  • Provides coverage for your administrative, clerical and support personnel while they are acting on your behalf
  • Coverage includes life, accident and health, Medicare, disability income activities as well as mutual funds, variable products, universal life, annuities and section 125, employee benefit plans, self-funded plans, managed health care organizations
  • First dollar defense costs are provided and are within the limits of liability
  • Provides coverage for any affiliated corporation, partnership or agency for their liability arising out of the individual insured's professional services
  • Incidental P&C Coverage Endorsement Available

    The P&C coverage offered in this plan is designed to be incidental to the agents' overall book of Life & Health business. Life & Health agents who also have a P&C license are eligible for this coverage ONLY if their total P&C revenues do not exceed 25% of their gross annual commission & fees.
    Only $300 of additional premium or $25/mth to add this P&C endorsement to your Life & Health E&O Coverage (prorated for effective date of coverage)
    • Covers ONLY the following products placed with admitted Property & Casualty carriers with an A.M. Best Rating no lower than B+ :
    • Homeowners, Auto (personal watercraft, RV, motorcycle)
    • Personal Umbrellas, Flood, Renters, Pet Insurance, and Travel Protection benefits

    Excluded products include, but are not limited to:
    • Aviation,Wet Marine, Professional Liability, Employment Practices Liability
    • Medical Malpractice, Directors & Officers Commercial General Liability
    • Commercial Property, Products Liability, Workers Compensation
    • Fidelity, Surety, Boiler and machinery, Kidnap and ransom
    • Reinsurance, International insurance Crop, Hail, Wind, Earthquake, and Pollution
    • Pet Insurance Sublimit of Liability:
    • $25,000 per "wrongful act" $25,000 annual agent aggregate
    • Flood Claims Sublimit of Liability:
    • $100,000 per "wrongful act" $250,000 annual agent aggregate
    • Travel Protection Benefits Sublimit of Liability:
    • $250,000 per "wrongful act" $250,000 annual agent aggregate
    • All Other Covered Claims Sublimit of Liability:
    • $1M per "wrongful act" $1M annual agent aggregate
    • *These Sublimits of Liability are part of, and not in addition to, the applicable Named Agent's Limits of Liability.
    • *The following retentions apply to P&C products.
    • $20,000 per claimant for any claim involving or in any way related to flood insurance
    • $5,000 per covered claim for all other products
      • No Master Policy Aggregate. Sublimits of coverage and/or policy aggregates may apply to specific endorsements within the Master Policy. Please read your policy carefully.

      Liability Coverage Options

      • $1 Million per claim / $1 Million annual aggregate
      • $1 Million per claim / $2 Million annual aggregate
      • $1 Million per claim / $3 Million annual aggregate

      Deductibles

      • $1,000 deductible for BlueCross BlueShield of Minnesota product-related claims (damages only)
      • $2,500 deductible for Non BlueCross BlueShield of Minnesota product-related claims (damages only)

      Payment Options

      • Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the 3rd business day of each month.

      Program Underwriter

      • This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating chart and disclosures link below for an explanation of admitted and non-admitted carriers.
      • Your coverage is secured by BCS Insurance Company which is rated "A-" (Excellent) by A.M. Best.

        www.bcsins.com
        BCS Insurance Company is A.M. Best A- (Excellent) IX rated carrier.
Premiums are prorated to allow for mid-policy enrollment Pricing includes a $25.00 administrative fee and $5.00 monthly processing fee for monthly payment option. Down payment includes one month's premium & administrative fees. Monthly deductions as shown above will begin the third business day of the month after enrollment. Policy is subject to minimum earned premium equal to one month of premium. Administrative fees and minimum earned premium are non-refundable. This policy renews on September 1st of each year.
Highlights
Pricing

Plan Highlights for Agencies

  • Gallagher MGA is pleased to be your E&O administrator. If you have any questions regarding the policy or payment options, please call us toll-free at 866.389.0022.
  • This E&O Policy renews on September 1st. All certificates of insurance issued under this policy will renew September 1st. Premiums are prorated based on chosen effective date of coverage.

Eligibility Requirements

  • The approval process typically takes 3 to 5 business days for appointed agents. Approval may take longer for agents who are pending sponsor appointment.

Program Features

  • Guaranteed Issue – group preferred premiums
  • Prior acts coverage back to first date of continuous E&O coverage
  • Coverage includes life, accident and health, Medicare, disability income activities as well as mutual funds, variable products, universal life, annuities and section 125, employee benefit plans, self-funded plans, managed health care organizations
  • First dollar defense costs are provided and are within the limits of liability
  • Provides coverage for: the Insured agency; any owner, partner, executive, officer, director, stockholder or employee of the Insured agency, solely while acting within the scope of the person's duties as such; and any estate, heir, executor, administrator, assignee or legal representative of any Insured in the event of the Insured's death, incapacity or bankruptcy, but only to the extent that such person had coverage under the Policy.
  • No Master Policy Aggregate. Sublimits of coverage and/or policy aggregates may apply to specific endorsements within the Master Policy. Please read your policy carefully.

Liability Coverage Options

  • $1 Million per claim / $1 Million annual aggregate
  • $1 Million per claim / $2 Million annual aggregate
  • $2 Million per claim / $2 Million annual aggregate
  • $3 Million per claim / $3 Million annual aggregate

Deductibles

  • $1,000 deductible for BlueCross BlueShield of Minnesota product-related claims (damages only)
  • $2,500 deductible for Non BlueCross BlueShield of Minnesota product-related claims (damages only)

Payment Options

  • Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the 3rd business day of each month.

Program Underwriter

  • This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating chart and disclosures link below for an explanation of admitted and non-admitted carriers.
  • Your coverage is secured by BCS Insurance Company which is rated "A-" (Excellent) by A.M. Best.

    www.bcsins.com
    BCS Insurance Company is A.M. Best A- (Excellent) IX rated carrier.

Select your net agency income:






Premiums are prorated to allow for mid-policy enrollment

This plan is a group plan which requires the applying agency to be appointed with BlueCross BlueShield of Minnesota as of the coverage date as well as at the time of submitted claim under the policy.

Premiums are prorated to allow for mid-policy enrollment. All enrollments must start on the first of the month. Premiums are based on coverage limits and the Net Agency Income (net commission and fee income for the previous 12 months); that is, commissions retained by your agency after payment of commissions to independent sub-producers writing through your agency.

To calculate the plan premium for your agency, select a desired coverage amount, an effective date and your agency's Net Agency Income for the previous 12 months. Plan pricing is shown as a single payment option and a down payment (1st Payment) and a monthly amount. Single payment options include a $25 administrative fee. Monthly payment options also include a $15 per month processing fee. Payment will be processed as soon as Gallagher MGA has verified your agency's appointment with BCBS. Future monthly payments will be processed in advance on or around the 3rd business day of the month.

This policy renews on September 1st of each year.