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E&O Insurance Program for Authorized Agents And Agencies of Blue Cross and Blue Shield of Illinois
These Errors and Omissions insurance programs are designed exclusively for authorized Agents and agencies of Blue Cross and Blue Shield of Illinois and helps to protect against claims arising from the sale and servicing of insurance products. Coverage 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.
About This Coverage
- Gallagher Affinity 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.
The E&O plan is underwritten by BCS Insurance Company and administered by Gallagher Affinity. BCS Insurance Company and Gallagher Affinity are independent entities that do not provide or sell Blue Cross and Blue Shield of Illinois products or services. The purchase of E&O coverage is a voluntary purchase. Enrollment in the plan is not a requirement of Blue Cross and Blue Shield of Illinois . - This E&O Policy renews on December 1st. All certificates of insurance issued under this policy will renew December 1st. Premiums are prorated based on chosen effective date of coverage.
Pricing Information
- 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 day of the month after enrollment.
- At the time of enrollment, each agent will be required to make a non-refundable payment in the amount of the first month’s premium (minimum earned premium). Administrative fees and minimum earned premium are non-refundable.
- This policy renews on December 1st of each year.
Program Eligibility
- You must be actively appointed with Blue Cross and Blue Shield of Illinois at the time of your effective date and at the time you submit a claim under this policy in order to be eligible for coverage.
Program Features
- Guaranteed Issue – group preferred premiums
- 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. Punitive damages are not covered by the policy.
- Provides coverage for any affiliated corporation, partnership or agency for their liability arising out of the individual insured's professional services
- 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.
- This is a claims made and reported policy. Claims must be submitted as soon as practicable in writing to the insurer. Coverage only applies to claims first made during the policy period. Claims must be reported during the policy period; or, during an extended reporting period (ERP). Prior acts are covered back to the first day of continuous E&O coverage. Please refer to the policy form for claim reporting provisions and definition of a claim, prior acts definition, and ERP details.
Incidental P&C Coverage
- 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
- 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
- $100,000 per "wrongful act" $250,000 annual agent aggregate
- $150,000 per "wrongful act" $250,000 annual agent aggregate
- $1M per "wrongful act" $1M annual agent aggregate
- *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
Coverage Limits
- $1 Million per claim / $1 Million annual aggregate
- $1 Million per claim / $2 Million annual aggregate
Deductibles and Retentions
- $1,000 deductible for Blue Cross and Blue Shield of Illinois product-related claims
- $2,500 deductible for Non Blue Cross and Blue Shield of Illinois product-related claims
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 third of each month.
Underwriter
- This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating and disclosures link below for an explanation of admitted and non-admitted carriers.
- BCS Insurance Company is an independent entity
Blue Cross and Blue Shield of Illinois is a Division of Health Care Service Corporation, a Mutual Legal Reserve Company, an Independent Licensee of the Blue Cross and Blue Shield Association.
- Your coverage is secured by BCS Insurance Company.
www.bcsins.com
BCS Insurance Company is A.M. Best "A-" (Excellent) VIII rated carrier.
Disclosures
- A.M. Best rating and other disclosures.
- All policy documents are delivered in electronic format by default. You can manage your renewal notice delivery options by visiting "Current Policyholders" menu option at the top of the page.
- For complete details on covered professional services and exclusions, please refer to the policy form.
Program Administrator
- Gallagher Affinity
- Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions for more information.
- Program administrative services include policy review and issuance, premium billing and invoicing, mid-term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.
Have Any Questions?
About This Coverage
- Gallagher Affinity 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.
The E&O plan is underwritten by BCS Insurance Company and administered by Gallagher Affinity. BCS Insurance Company and Gallagher Affinity are independent entities that do not provide or sell Blue Cross and Blue Shield of Illinois products or services. The purchase of E&O coverage is a voluntary purchase. Enrollment in the plan is not a requirement of Blue Cross and Blue Shield of Illinois . - This E&O Policy renews on December 1st. All certificates of insurance issued under this policy will renew December 1st. Premiums are prorated based on chosen effective date of coverage.
Pricing Information
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 Blue Cross and Blue Shield of Illinois 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. The first payment will be processed immediately. Future monthly payments will be processed in advance on the 3rd day of the month.
- At the time of enrollment, each agent will be required to make a non-refundable payment in the amount of the first month’s premium (minimum earned premium). Administrative fees and minimum earned premium are non-refundable.
- This policy renews on December 1st of each year.
Program Eligibility
- You must be actively appointed with Blue Cross and Blue Shield of Illinois at the time of your effective date and at the time you submit a claim under this policy in order to be eligible for coverage.
Program Features
- Guaranteed Issue – group preferred premiums
- 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. Punitive damages are not covered by the policy.
- 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.
- This is a claims made and reported policy. Claims must be submitted as soon as practicable in writing to the insurer. Coverage only applies to claims first made during the policy period. Claims must be reported during the policy period; or, during an extended reporting period (ERP). Prior acts are covered back to the first day of continuous E&O coverage. Please refer to the policy form for claim reporting provisions and definition of a claim, prior acts definition, and ERP details.
Coverage Limits
- $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 and Retentions
- $1,000 deductible for Blue Cross and Blue Shield of Illinois product-related claims
- $2,500 deductible for Non Blue Cross and Blue Shield of Illinois product-related claims
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 third of each month.
Underwriter
- This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating and disclosures link below for an explanation of admitted and non-admitted carriers.
- BCS Insurance Company is an independent entity
Blue Cross and Blue Shield of Illinois is a Division of Health Care Service Corporation, a Mutual Legal Reserve Company, an Independent Licensee of the Blue Cross and Blue Shield Association.
- Your coverage is secured by BCS Insurance Company.
www.bcsins.com
BCS Insurance Company is A.M. Best "A-" (Excellent) VIII rated carrier.
Disclosures
- A.M. Best rating and other disclosures.
- All policy documents are delivered in electronic format by default. You can manage your renewal notice delivery options by visiting "Current Policyholders" menu option at the top of the page.
- For complete details on covered professional services and exclusions, please refer to the policy form.
Program Administrator
- Gallagher Affinity
- Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions for more information.
- Program administrative services include policy review and issuance, premium billing and invoicing, mid-term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.