Illinois Mutual Agency E&O Insurance Program
E&O Insurance (Errors and Omissions Insurance) is professional liability insurance that protects professional insurance agents from claims arising from the sale and servicing of insurance products. Illinois Mutual has a long term commitment to "Best Practices" and providing an E&O program with coverage tailored to the Illinois Mutual representative reinforces that commitment.
Illinois Mutual Agency E&O Plan Highlights:
- $1M/$1M
- Deductibles: $500 I.M. products; $2500 outside products
- Covers entity & employed Producers
- 1099 sub-producers are NOT covered under the agency policy
- Coverage for the sale and servicing of Illinois Mutual products
- Coverage for the sale and servicing of L&H products, fixed and indexed annuities, with optional coverage for mutual funds and variable products
- Prior Acts to the first date of continuous E&O
- Additional limits may be available
- Monthly payment options available
- Limited underwriting
- Online enrollment
Illinois Mutual Agency E&O Plan Rates:
$0 - $200,000 Net Income |
|||
|---|---|---|---|
| COVERAGE: | ANNUAL | DOWN PAYMENT | MONTHLY |
| Life, Health, Fixed/Indexed, LTC & DI | $1,262.00 | $227.42 | $110.42 |
| Life, Health, Fixed/Indexed, LTC & DI PLUS Variable/Series 6 | $1,490.00 | $258.34 | $128.34 |
$200,000 - $500,000 Net Income |
|||
|---|---|---|---|
| COVERAGE: | ANNUAL | DOWN PAYMENT | MONTHLY |
| Life, Health, Fixed/Indexed, LTC & DI | $1,768.00 | $293.42 | $150.42 |
| Life, Health, Fixed/Indexed, LTC & DI PLUS Variable/Series 6 | $2,450.00 | $375.00 | $205.00 |
$500,000 - $1,000,000 Net Income |
|||
|---|---|---|---|
| COVERAGE: | ANNUAL | DOWN PAYMENT | MONTHLY |
| Life, Health, Fixed/Indexed, LTC & DI | $3,460.00 | $491.25 | $286.25 |
| Life, Health, Fixed/Indexed, LTC & DI PLUS Variable/Series 6 | $4,417.00 | $602.92 | $362.92 |
$1,000,000 - $2,000,000 Net Income |
|||
|---|---|---|---|
| COVERAGE: | ANNUAL | DOWN PAYMENT | MONTHLY |
| Life, Health, Fixed/Indexed, LTC & DI | $6,780.00 | $882.50 | $552.50 |
| Life, Health, Fixed/Indexed, LTC & DI PLUS Variable/Series 6 | $8,390.00 | $1,071.67 | $681.67 |
$2,000,000 - $3,000,000 Net Income |
|||
|---|---|---|---|
| COVERAGE: | ANNUAL | DOWN PAYMENT | MONTHLY |
| Life, Health, Fixed/Indexed, LTC & DI | $9,650.00 | $1,222.50 | $782.50 |
| Life, Health, Fixed/Indexed, LTC & DI PLUS Variable/Series 6 | $12,065.00 | $1,501.67 | $976.67 |
Monthly payment options include a $15.00 per month processing fee.
Net Agency Income: Based on your agency's net commissions and fee income from all carriers for the previous 12 months; that is, commissions retained by your agency after payment of commissions to individual sub-producers writing on behalf of your agency.
