What is Going on at Foresters....Fast Issue?

[tlmarketing]

My E&O is thru NAPA, Prosurance..
No Coverage if "insurance company rated less than A- by A.M. Best"

 

[VolAgent]

My E&O is thru NAPA, Prosurance..
No Coverage if "insurance company rated less than A- by A.M. Best"

I just went through the specimen policy with eoforless.com, which is through the NEA, underwritten by CNA and administered by Marsh. The only mention of A.M. Best is regarding insolvency, and that is where the company has to be A- or better to be covered.

 

[tomoverton0123]

My E&O is thru NAPA, Prosurance.. No Coverage if "insurance company rated less than A- by A.M. Best"

NAPA will cover claims of unrated and lower rated companies as long as they are solvent. You can call NAPA direct at 800-593-7657.

 

[tlmarketing]

I wonder if you can raise the defense during an E&O claim that the rep told you you are covered even though your policy says otherwise!!

 

[tomoverton0123]

I wonder if you can raise the defense during an E&O claim that the rep told you you are covered even though your policy says otherwise!!

Send me your policy and I'll show you exactly where it says it.

 

[tlmarketing]

This is the exact wording of the policy.

The coverage provided by this endorsement does not apply to the any of the following claims:

j. any claim based upon, arising out of, resulting from, or in any way related to insurance placed with a captive insurance company, multiple employer health plan, risk retention group, purchasing group, insurance company rated less than A- by A.M. Best, alien or non-admitted insurer, or any self-insurance pool, trust or other "entity" not regulated by a state department of insurance;

 

[Mattschmidt]

This is the exact wording of the policy.

The coverage provided by this endorsement does not apply to the any of the following claims:

j. any claim based upon, arising out of, resulting from, or in any way related to insurance placed with a captive insurance company, multiple employer health plan, risk retention group, purchasing group, insurance company rated less than A- by A.M. Best, alien or non-admitted insurer, or any self-insurance pool, trust or other "entity" not regulated by a state department of insurance;

I thought mine mentioned something similar...My main IMO suggested not to sell anything outside of A rated companies...But they could be wrong

 

[tomoverton0123]

This is the exact wording of the policy. The coverage provided by this endorsement does not apply to the any of the following claims: j. any claim based upon, arising out of, resulting from, or in any way related to insurance placed with a captive insurance company, multiple employer health plan, risk retention group, purchasing group, insurance company rated less than A- by A.M. Best, alien or non-admitted insurer, or any self-insurance pool, trust or other "entity" not regulated by a state department of insurance;

Are you a P&C agent? I was told by Napa that only P&C agents had that restriction.

 

[tlmarketing]

I don't sell P&C, strictly life.

 

[inreverse]

Calsurance has several E & O programs, including one for Oxford (B+),
the company essentially said the same thing to me, except for insolvency. I think AAA covers less than A rated also.

Calsurance will send sample policies.