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Errors and Omissions


What You Should Know About E&O Coverage

What You Should Know About E&O Coverage

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01/05/2017 — In the last several months many of you have shown a renewed interest in Errors & Omissions Insurance. In particular, you have been concerned about the adequacy of the coverage offered through State Farm. NASFA has for many years said that the E & O policy offered through State Farm is inadequate for your needs.

State Farm Errors and Omissions Coverage: The Ins and Outs

State Farm Errors and Omissions: The Ins and Outs

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According to the terms of the Errors and Omission (E&O) policy, claims may be submitted directly to National Union. To assist you in filing a claim, a State Farm® Form (see Left Nav under Forms & Service) has been provided to help you gather all necessary information and sends the claim directly to National Union.

Errors and Omissions Frequently Asked Questions

Errors and Omissions Frequently Asked Questions

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Does the State Farm policy provide coverage for Errors or Omissions while acting as an Agent for State Farm? Does the E&O policy from National Union Fire cover most acts? What control does State Farm have in the investigation, adjustment, and payment of E&O Claims? Get the answers to these and other Frequently Asked Questions.

 
You Get What You Pay For

You Get What You Pay For

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The policy offered is very inexpensive because it does not offer much coverage. The policy offered allows State Farm to intrude in the operation of your business. Sometime ago several of our members began a relentless campaign to unearth the truth about the E&O policy offered by State Farm. What they uncovered was the existence of a "side letter" with the carrier. Basically that side letter allowed State Farm the right to examine and adjust all claims.

State Farm's E&O: We Would Not Take It If It Were Free

State Farm's E&O: We Would Not Take It If It Were Free

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State Farm has recently sent you an Announcement Memo, FAQ's, a sample policy and a Membership Agreement with regard to their Errors and Omissions Insurance offering to Agency. We would not take it if it were offered for free. The policy offered is very cheap because it does not offer much coverage.


E&O Coverage Options

E&O Alternatives

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Listed below are the company's other State Farm agents have been able to successfully obtain coverage. Please note that coverage may not be available in all states and NASFA's recommendation is that State Farm agents contact an Independent Agent to see what might be available in their area.

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Other NASFA Coverage of E&O

The Mirror

Agents Errors & Omissions (from Fall 2009, page 10, by Ron Lent) — If ever there was a time for insurance agents to get out and go looking for a better errors and omissions policy, this is the season. Agents who do will come across several admitted carriers that are welcoming new business and surplus lines writers happy to cover what the standard carriers won't.

Multiple Articles (from Summer 2009, multiple articles starting on page 24)

Your State Farm E&O Policy (from Winter 2009, page 10, by Chuck Coughlen) — Your E&O is not the same E&O policy referred to by others. It is a second year renewal of a new policy issued by National Union Fire Insurance Company (NUFIC), a subsidiary of AIG.

Lawsuit References to E&O

2004 06 07: NASFA's Undisputed Facts

NASFlash

(056) 2005 09 27: CRI: The Continuation of Minimizing the AgentE&O or Is it the Agents Commitment Program? Agents across the 13 zones are experiencing either phone calls or meetings with their AFEs to explain this new program. NASFA has learned that American Home is not our E&O carrier. In fact, it is AIG. Apparently, AIG and State Farm have some kind of side agreement when it comes to Agents Commitment. Again, we need to hear from agents what's going on in your zone concerning this program. Fax or e-mail us your story.