Please refer to the policy form for claim reporting provisions and definition of a claim, prior acts definition, and ERP details. Prior acts are covered back to the first day of continuous E&O coverage. Claims must be reported during the policy period or, during an extended reporting period (ERP). Coverage only applies to claims first made during the policy period. Claims must be submitted as soon as practicable in writing to the insurer. This is a claims made and reported policy. This policy applies to any act, error or omission which takes place anywhere in the world, provided that the claim is made and suit is brought against the Insured in the United States of America The agent must not have had knowledge of the claim or circumstances likely to result in a claim at the effective date of coverage. The policy will only cover claims first made against the Insured and reported to the Insurer during the certificate period. This is individual E&O insurance.Ĭoverage under this program is offered on a claims made basis. Provides coverage for any corporation, partnership or other business entity that is owned or controlled by an Agent, General Agent or Registered Representative but only for the covered acts of the individual Agent, General Agent or Registered Representative. Provides coverage for your administrative, clerical and support personnel while they are acting on your behalf. Refer to the policy form for the definition of defense costs and punitive damages. Punitive damages are not covered by the policy. *Policy aggregate limit of liability is not applicable to those agents and registered representatives who are residents of or practice in New York State.ĭefense costs reduce the limit of liability and are subject to the retention. Reduced rate for newly licensed life and/or health agent that has received their state license within one year of enrollment! ($1M/$3M limit option only) The executive added that impacted team members will have the opportunity to interview for other EMC positions.Coverage available for Life, accident and health, LTC, Medicare, and managed health care organizations as well as optional coverage for annuities, mutual funds, variable annuities, variable insurance, disability, and 24-hour care This will be a gradual workforce reduction over time, beginning Jan 3 and continuing through 2023,” Jean said. “All impacted team members have been notified. 3 EMC National Life Company (EMCNL), an affiliate of EMC Insurance Companies, has been providing superior service and support to our agents and policyowners since Agents and policyowners can continue to Count on EMC for innovative insurance solutions, superior service and financial stability. In total, EMC has approximately 2,200 staff across the US, of which over 1,100 are based in Iowa. “This transition impacts approximately 65 team members, located across the US, who will receive severance packages and comprehensive career/placement services,” said Jean. “While an extremely difficult decision, EMC felt this move was necessary to position the company for the future and the achievement of its strategic plans and goals,” Jean stated. In its marketing materials, EMC Re describes itself as a market for local, regional, national and international ceding company clients, as well as a quoting market for US multiline XoL, property per risk XoL and casualty XoL. Of the 20 percent of written premium that supported international cedants, half of it was for property catastrophe business.Īs EMC president and CEO Scott Jean explained, the strategic decision to exit assumed reinsurance will see the business instead focus on its core insurance products which are distributed through independent agents, including commercial property/casualty lines and bonds, and life insurance written through affiliate EMC National Life Company. Four-fifths of its written premium supported domestic clients in 2021, and of that 31 percent came from facilities, while 23 percent was for multiline XoL business.
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