Vermont E&O Insurance for Insurance Agents
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Our agency provides errors and omissions (E&O) insurance to Vermont insurance agents, brokers, agencies, reinsurance brokers, MGAs and MGUs, crop agents and other insurance professionals who offer any type of P&C, life, health and accident coverage. We have access to multiple carriers and can secure E&O insurance for any type of risk, from the simple retail agency to the more complex managing general agency. Even if you're having difficulty finding coverage because of your specialty, a history of claims, or bankruptcy, we can help.
This website is designed to provide you with information regarding the products we offer in Vermont and easy access to our applications. If you're looking for coverage for professionals other than insurance professionals, please visit our other website at www.cbspecialty.com. To request quotes, please complete an application and return to us. Do not hesitate to call us at 1-877-245-5887 if you have any questions or wish to discuss your errors and omissions needs.
What types of Vermont insurance agents can you provide E&O insurance to?
We can provide E&O insurance to all types of agents and brokersin Vermont, including:
- Experienced P&C Agents
- New P&C Agents
- Life, Accident & Health Agents
- Crop Agents
- Reinsurance Intermediaries/Brokers
- Title Insurance Agents
- Bail Bond Agents
- Life Settlement Brokers
Whether you're an experienced or a newly licensed agent, we have a market for you. We also provide errors and omissions insurance to the less common types of licenseesin Vermont, such as credit insurance agents, limited lines travel insurance agents, motor club agents, portable electronics insurance agents, rental car agents, and self-service storage agents.
Why is it important for Vermont agents to have E&O insurance?
Vermont insurance agents face significant exposure to professional and malpractice claims, including the following:
- Failure to recommend the proper product
- Failure to bind or renew the policy on time
- Failure to recommend adequate policy limits
- Failure to provide a correct specimen policy for review
- Failure to disclose policy exclusions
- Failure to disclose material information
- Failure to provide material information to the insurance company
Being an insurance agent entails a high level of risk. Vermont insurance agents are expected to place the right coverage at the right time, to process the paperwork and payments correctly, and to satisfy the requirements of both the policyholder and the carrier. Policyholders rely on their coverage to protect them when they need it. Carriers expect to be paid on time and to have all relevant facts disclosed to them on the application.
Errors and omissions claims arising from policyholders in Vermont will typically be based on a claim which was denied or only partly covered by the insurance company. Policyholders will often try to recover their financial loss from their insurance agent.
Errors and omissions claims arising from a carrier in Vermont with which the agent places business are usually based on the failure to follow binding authority agreement, failure to follow underwriting standards, failure to provide information to carrier prior to binding, and failure to non-renew or cancel coverage.
Also, Vermont insurance agents are usually required by their carriers, managing general agents, aggregators, wholesalers, and sometimes state insurance department to provide proof of E&O insurance.