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NAPA Enhances E&O Insurance Program for Life & Health Agencies

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The National Association of Professional Agents (NAPA) has announced enhancements to its Insurance Agency Errors & Omissions (E&O) Insurance program, broadening coverage for high-volume Life & Health Agencies and introducing a convenient click-and-bind option.

The updated initiative now includes Independent Marketing Organizations (IMOs), Field Marketing Organizations (FMOs), and National Marketing Organizations (NMOs). The streamlined process not only simplifies the application procedure but also offers immediate certificate issuance for large agencies with revenue up to $3 million. This marks a significant increase in the annual revenue cap, allowing more agencies to benefit. By offering upfront pricing, automatic renewal, and comprehensive coverage for both agents and support staff, NAPA aims to alleviate administrative burdens so agencies can focus more on client service.

Expanding Coverage for Marketing Organizations

IMOs, FMOs, and NMOs can now access this enhanced E&O insurance through a quick online application, receiving instant proof of insurance and competitive rates. These improvements, facilitated by a partnership with CNA, ensure agencies gain fast access to essential coverage. According to Ted Baran, NAPA Senior Consultant, the program strengthens agencies' capabilities by offering extensive support and business advantages.

This coverage is crucial for protecting against claims related to errors, omissions, negligence, and the actions of agents and support staff, particularly in life and health insurance areas, including Medicare, long-term care, and annuities. NAPA members also gain access to value-added services, such as automatic renewal features and savings programs, further enhancing the program's appeal.

Key Features of NAPA’s Enhanced E&O Program

  • Broad coverage for agencies with up to $3 million in revenue.
  • Inclusion of IMOs, FMOs, and NMOs with fast online applications.
  • Immediate issuance of certificate and competitive rate offerings.
  • Comprehensive protection for agents and support staff.
  • Partnership with CNA for expanded support and offerings.

Underwritten by Continental Casualty Company, a firm with an "A+" (Superior) XV rating by AM Best, NAPA's E&O insurance ensures robust protection for insurance professionals. Since 1989, NAPA has provided tailored solutions, continuously evolving to meet the industry's changing demands. For more details on these programs and offerings, stakeholders are encouraged to visit NAPA's website.