AgentPAC is an Errors & Omissions Insurance program for UFirst Alliance's agents. The program provides E&O coverage for the sale of UFirst Alliance insurance products. The program is underwritten by Lloyds of London and administered by UFirst Alliance's Member Benefit Group.
AgentPAC provides Life Insurance Agent's E&O, Salesperson's Professional Liability and General Liability while operating a UFirst Alliance brokerage from home.
The UFirst Alliance wanted to provide agents with a lower cost E&O insurance option. By working together we are able to achieve lower rates, lower deductibles and an easier way to get insurance than before! Because AgentPAC is exclusive to UFirst Alliance you only pay for the coverage you need.
UFirst Alliance members have saved between 30-60% on their annual E&O premiums. Many agents can recognize savings of hundreds of dollars a year!
As an UFirst Alliance agent you are automatically eligible for this program. To secure coverage please fill out the application (here). Depending on your responses you will either be able to purchase coverage immediately or a representative will be back to you with a quote shortly.
AgentPAC allows UFirst Alliance agents to buy coverage for only the services they need at lower than standard rates. *Additionally only UFirst Alliance Agents are included in the risk pool. As a result your rates won't go up for other agent's mistakes.
AgentPAC provides insurance for both the cost of legal defense and claims settlements (judgments). Coverage is provided for errors or omissions during the rendering of, or failure to render, professional services. This includes (but is not limited to) activities related to the sale, attempted sale, or servicing of life insurance, fixed annuities, and United First Financial's products (Money Merge Account, etc.). General Liability insurance is provided for the operation of your Home Based Business (UFirst Alliance Agency).
All UFirst Alliance agents are provided the same insurance coverage: $1,000,000 in E&O insurance.
E&O Insurance Coverage Options and Pricing:
For Life, Annuities, and UFirst Product Sales: $539 per year Prior Acts (retroactive) coverage: +$25 per year
Coverage is provided so long as the sale is in conjunction with a life insurance policy sale and is provided as a rider to the same policy.
No, the quote provided includes all taxes, fees and other charges. If monthly payment options are selected there may be additional finance charges required by the finance company.
Monthly or Annually. Monthly payment options incur an additional $7 per month processing fee. All policies incur a minimum of three months coverage at binding, regardless if the policy is cancelled before the three months from inception.
Yes, the Errors and Omissions policy includes three months extended reporting period should you cancel your policy or not-renew. Should claims arise within three months of the expiration the policy can respond to a covered claim.
Yes, prior acts coverage is available for a small additional fee. Coverage is provided so long as you indicate it is needed on the application and you had previously purchased insurance coverage. The retroactive date is determined by the first date you began to continuously purchase insurance.
The cost to defend a claim is included in the limit of liability.
Yes, they are covered. For example, if your secretary makes an error and it results in an E & O claim, you would be covered. This does not include coverage for other life agents or other financial professionals working on your behalf. Each agent is required to purchase their own E&O coverage.
No. Fiduciary Liability and other retirement plan administration are not covered under this policy.
Yes, coverage is provided under certain circumstances. If during the sale or service of a UFirst product (life insurance, annuity or Money Merge) financial advice is given it is considered part of the product sale or service and can be considered covered.
Lloyds of London's provides coverage exclusive to UFirst Alliance Agents. Coverage has been specifically created to cover the key exposures agents face.
2009 corporate highlights include:
$28.55 billion in revenues, 300+ years in business, U.S. and International operations, "A+" rated for financial strength by Standard & Poor's
Yes, you are covered or "bound" the same day you submit the completed E&O Insurance application and pay for your policy provided the application does not indicate that you are ineligible.