Member Services

Broker: CalSurance Associates
Insurance Carrier: Zurich American Insurance Company

2024 Rates:
Voluntary
Exclusive
$2,500,000 each claim and in the aggregate - $378
$5,000,000 each claim and in the aggregate - $558

Non-Exclusive
$2,500,000 each claim and in the aggregate - $467
$5,000,000 each claim and in the aggregate - $626

Mandatory (society mandates that all agents enroll)
Exclusive
$2,500,000 each claim and in the aggregate - $324
$5,000,000 each claim and in the aggregate - $482

Non-Exclusive
$2,500,000 each claim and in the aggregate - $374
$5,000,000 each claim and in the aggregate - $535

Deductible:

• $0 each claim for claims involving participating society products

• $1,000 each claim for claims involving outside products

Program Benefits:

• Competitive Rates

• Premium Installment Plans Available

• No cost to sponsoring society to make program available to their agents

• Sponsoring society can choose mandatory or voluntary participation

• Options for both captive and independent agents

What does this policy insure?
Generally, the E&O policy provides protection for defense costs and damages arising from claims made against an Agent for any negligent act, error or omission in the performance of Professional Services.

Who is covered under the policy?
Agents, plus any corporation, partnership or other business entity which engages in Professional Services and is either owned or controlled by the Agent.

Any employee or administrative assistant employed by and acting on behalf of the Agent. The sponsoring society, for vicarious liability, for negligent acts, errors or omissions of the Agent insured under the program.

What professional services are covered?
The sale and/or servicing of:

• Life insurance, accident and health, fixed annuities and disability income insurance

• Variable insurance and annuities

• Employee Benefit Plans

• Mutual funds and securities (available for additional premium charge).

For more information, please contact:

Matt Johnson
Account Manager
CalSurance Associates
A Division of Brown & Brown
Program Insurance Services, Inc.
Tel: (714) 939-7449
Email: mjohnson@calsurance.com

Management Liability Protection

Common Claim Allegations:

• Mismanagement of operations or organization assets

• Self-dealing and conflicts of interest

• Acts beyond authority granted in by-laws

• Violation of state and federal laws

• Breach of fiduciary duties

• Employment Practices

Management Liability Insurance

• Directors, Officers and Organization

• Employment Practices Liability

• Fiduciary Liability

• Outside Directorship Liability

• Fidelity & Crime Insurance

Who is Covered?

• The insured organization

• Subsidiaries of the parent company (more than 50% ownership) Past, present and future executives and employees (does not include independent contractors)

• Spousal and domestic partner

• Can include in-house counsel and members of advisory committees.

Definition of Claim

• Written demand for money or non-monetary relief

• Civil and criminal proceedings

• Administrative or regulatory proceedings

• Written requests to toll or waive statute of limitations

Employment practices (most common claim for non-profit organizations)

Covered Wrongful Acts
Wrongful Act, including 1) error, misstatement, misleading statement, act, omission, neglect, breach of duty, and 2) against an insured person, must be acting in their capacity as such.

What Will the Policy Pay?
Judgments, settlements, and defense costs, including front pay, back pay (EPL) Damages, including punitive, exemplary and multiplied damages Excise Benefit Tax (fiduciary liability coverage)

Outside Directorship Liability
Generally limited to not-for profit boards at request or consent of society Not-for profit usually limited to 501(c)3.

For more information, please contact:

Matt Johnson
Account Manager
CalSurance Associates
A Division of Brown & Brown
Program Insurance Services, Inc.
Tel: (714) 939-7449
Email: mjohnson@calsurance.com