E&O Plus

E&O Plus has nearly 30 years of experience providing errors and omissions coverage for the best independent brokers in the United States. You don’t just get a policy of insurance – you get guidance and opportunities to share and learn from peers.

The original founders of PAR, Ltd., the captive in Bermuda, include Fireman’s Fund – now Allianz Global Corporate & Specialty (AGCS), our underwriter; Assurex Global, the world’s largest Partnership of independent brokers; and The Council of Insurance Agents & Brokers (CIAB), which represents leading commercial insurance agencies and brokerage firms in the U.S.

E&O Plus is the marketing and sales arm of the program in the U.S.

Program Elements

Through our secure Passport online program, E&O Plus insureds have access to high-level industry knowledge and expertise:

  • E&O Plus Idea Center – allows insureds to communicate and share information through a secure, online forum that is password-protected.
  • Property & Casualty and Benefits & TPA Guides – help firms establish procedures and protocols.
  • Claim Stories – supply access to tutorials on avoiding E&O claims.
  • Industry Articles – provide highlights of the latest trends and news.
  • Annual User Group Meeting – features timely presentations, discussion and the opportunity to network with other like-minded insureds for on-going interaction the rest of the year.

It’s not acceptable to simply write an E&O policy and then sit back waiting for claims to surface as many E&O providers do. Instead, the E&O Plus Quality Management Program (QMP) provides insureds with a proactive approach to operational efficiency and effectiveness – from professional development and employee satisfaction to workflow and client service – because when quality permeates every department, it has a direct impact on E&O exposure and client service. The proven E&O Plus Quality Management Principles not only strive to reduce E&O exposure, but also enhance overall agency operations.

As the cornerstone of the program, the QMP was developed and continues to be guided by Assurex Global, the world’s largest Partnership of independent brokers, so it’s based on practical, real-world experience which helps agencies improve efficiencies, create positive client interface and increase account retention.

Within 90 days of becoming an E&O Plus insured – and on an annual basis thereafter – your firm will be visited by a member of our quality management team. Their charge is to give senior level staff the resources necessary to provide on-going employee education about E&O claims and how to prevent them, a thorough review of agency operations, and identification of potential issues along with suggestions for improvement.

The goal is to make every department’s workflow, procedures, and processes more efficient and less error-prone.

When a claim occurs, the Allianz claims management team will swiftly provide support and guidance with an objective evaluation and a commitment to quick resolution. Nothing is more disruptive to agency operations than having to deal with a claim situation. Therefore, a dedicated partner working with the insured to protect its interests and assets is most important.

Each firm is assigned a claims management team subject to strict internal guidelines, regular performance audits, and expectations for on-going industry training. In addition, Allianz completes regular reviews of claims to ensure that they are properly managed and responses to insureds are timely.

An E&O Plus insured is getting more than just a policy of insurance. The policy offered under this program is designed especially for the independent agent or broker understanding the business and exposures associated with agency operations The E&O Plus policy includes:

  • Broad, pure claims-made policy forms
  • Defense costs outside policy limits
  • Punitive damages available where legally insurable
  • Admitted paper backed by independent financial ratings for the company including:
    • Excellent (A) rating from the A.M. Best Company
    • Very Strong (AA-) rating from Standard & Poor’s
    • Good (A2) from Moody’s

Limits and terms are selected appropriately for each firm (based on availability by state):

  • Primary limits from $5MM to $25MM
  • Deductibles as low as $25,000
  • Minimum premium beginning at $50,000

Through E&O Plus, insureds have access to a unique program, tailored to meet their own needs and exposures:

  • A distinctive Quality Management Program that helps to reduce the total cost of risk while fostering outstanding client service principles.
  • Equity ownership in a captive environment run by and for agents.
  • Broad form policies underwritten by a dedicated team of experts on admitted paper.
  • Best-in-class claims management where insureds are treated not just as clients, but as real partners in the program.
  • A proprietary technology program called Passport which provides secure, fully HIPAA compliant, online communication and document storage and retrieval.

Why E&O Plus?

If you are looking for just a policy of insurance at the lowest cost, this program is not for you. If, however, you want to be part of a program where best practices and peer sharing occurs along with the opportunity for ownership, then E&O Plus is for you.

With the backing of both CIAB and Assurex Global and the focus on the independent agent and broker, E&O Plus was created to offer a broad form policy surrounded by quality management principles that will help identify and reduce errors and omissions.