Frequently Asked Questions
Below are some of our frequently asked questions. If you have any other
questions or concerns, please feel free to contact us.
- What are our office hours?
- How is an application submitted?
- How long does it take to get a quote and bind coverage?
- What if I have had a claim?
- Do you have a payment plan? Yes!
- What is Errors & Omissions Coverage?
- What is prior acts coverage?
- What is the difference between a claims-made policy and an occurrence policy?
- What triggers coverage on a claims-made policy?
- What is a retroactive date?
- Why is a retroactive date important to maintain?
What are our office hours?
Our staff is available from 9:00 AM to 5:30 PM Central Time Monday through Friday.Back to TopHow is an application submitted?
Back to TopHow long does it take to get a quote and bind coverage?
- Applications are on our website. Click here for an application
- We also can complete an application over the phone
- Once completed fax, email or mail the application to us
- The faster we get your application the faster we can give you a quote
Back to TopWhat if I have had a claim?
- It usually takes less than 24 hours to provide an estimated premium.
- In order to provide a firm indication we need to complete an application.
- Upon receipt of an application we can provide an indication within 24 hours or less.
- Coverage can be bound the next day.
- Our record from first contact to binding was approximately 18 hours.
Back to TopDo you have a payment plan? Yes!
- That is not a problem
- We need 5 years of loss runs and a completed application
Back to TopWhat is Errors & Omissions Coverage?
- Down payments are as low as 20%
- Up to 9 monthly payments
- Low interest rates
Back to TopWhat is prior acts coverage?
- Errors and Omissions (E&O) insurance is a form of professional liability coverage designed to protect an insured against allegations of mistakes made while performing the duties associated with his/her business.
- The policy includes coverage for both defense costs (e.g., attorney fees, court costs, etc.) and settlements or judgments.
- Intentional wrongdoing is specifically excluded.
Back to TopWhat is the difference between a claims-made policy and an occurrence policy?
- Most professional liability claims-made policies offer optional coverage for services performed prior to the effective date of the policy. This is called prior acts coverage.
- Prior acts coverage is typically extended to the effective date of a firm's first claims-made policy (when claims-made coverage has been maintained continuously) or to some date that your firm and the insurance company agree upon for pricing or underwriting reasons.
- The date established is called the prior acts date or retroactive date.
- Generally, the date remains the same with each subsequent renewal.
- If an act, error or omission happened before the prior acts date, it will not be eligible for coverage.
- With prior acts coverage, you can move your coverage from one insurance company to another without losing protection for covered services you performed in the past.
Coverage is activated when a claim is made (claims-made policy) instead of when a wrongful act occurs (occurrence policy).Back to TopWhat triggers coverage on a claims-made policy?
- Claim must be made during the policy period.
- Claim must be reported during the policy period.
– Most policies allow a 30 to 60 day period after policy expiration in which you can still report claims made during the policy period—check your policy for specific provisions.
Back to TopWhat is a retroactive date?
- The wrongful act must occur on or after the policy retroactive date
Date from which you can show continuous proof of E&O coverage
Back to TopWhy is a retroactive date important to maintain?
- There may be NO gaps in coverage--not even 1 day
- In order for a claim to be covered, it must occur on or after the retroactive date. See Example 1 below.
- Any claim made prior to the retroactive date, will NOT be covered. See Example 2 below.
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