- 170
If I have two different IMOs will I need two different e and o policies to cover myself. Also if I have three agent joining me can I get one e and o policy to cover us all?
E and O for Mutliple Imo
- Thread starter limitless84
- Start date
- 6,134
E&O should cover both IMOs but each agent will have to get their own.
- 15,041
Unless the E&O is purchased through a carrier or IMO, it generally covers all products the same, based on certain criteria. (Minimum A.M. Best for insolvency, must be licensed to sell, deductible depending on product line). I've never seen one that even cared about an IMO or a specific carrier, unless it was a sponsored product.
Now, adding agents is different. Depending upon the set up, you may need an agency policy which can cover them. However, if you are talking strictly life and health and all you are doing is collecting overrides, you may not. Please consult your E&O underwriter for policy specifics.
Now, adding agents is different. Depending upon the set up, you may need an agency policy which can cover them. However, if you are talking strictly life and health and all you are doing is collecting overrides, you may not. Please consult your E&O underwriter for policy specifics.
- Thread starter
- #4
- 170
So if I get an e and o policy through my IMO will that also cover everything for my other IMO?
- 15,041
Maybe. Sponsored programs are often put together a bit differently. I don't want my E&O through an IMO or carrier for that reason. Also, with some you lose the coverage if your contract is terminated for any reason.
- 6,134
Depends on IMO and setup. One life ( Parker and asses) provide agents with eo but it only covers companies they have with them. You can buy the new cheap eo 5 star has, and just because you got it through 5 star, it covers all companies. Like 83 down and 30 ish per month or 435 one time payment. Something like that.
- Thread starter
- #7
- 170
Thanks Ben, 20 characters
- 6,134
No problem at all. ........
- 8,707
The sponsered E&O program I have had previously covered all business I wrote for the covered lines but had a different deductible $500 for the sponsored companies products and $5000 for the nonsponsored products. And if you are a registered Rep I recommend reviewing the E&O you have to purchase through your B/D the coverage I had did not seem to bad until I read the total coverage for the B/D and realized a couple of bad brokers could use up all the coverage leaving me exposed.
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