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For the first time, a low-cost Errors and Omissions (E&O) insurance policy for agents marketing Medicare Supplement insurance policies is being made available by the American Association for Medicare Supplement Insurance.
“We are pleased to make available a low-cost, high quality E&O insurance policy for agents who offer Medicare Supplement and other insurance policies,” announced Jesse Slome, director of the American Association for Medicare Supplement Insurance. According to Slome, the new coverage offer some important features and enhancements he believes agents will find of interest.
“First of all, there are more available choices so an agent can choose and pay for only the amount of coverage they need,” Slome shared. Cost for the E&O coverage starts at $341-per-year including all fees. “New agents can enroll and there are some discounts available that can save a new agent some money.”
The Med Supp Association does not have traditional memberships. “We don’t have membership fees and any agent who markets Medigap, health, life or long-term care insurance can enroll in the E&O plan,” Slome explains. The issuing carrier for the group plan is American Automobile Insurance Company (an Allianz company), which carries an A+ rating from A.M. Best Slome, adds.
“Agents can enroll online which takes five minutes or less and can even pay with a credit card if they prefer,” Slome shares. “Today, having E&O insurance is often required by insurance carriers but in our litigious world, it makes good sense,” he concluded.
To learn more about the low cost E&O coverage visit the Association’s webpage at http://www.medicaresupp.org/eo where information and links to the online enrollment can be accessed.
The American Association for Medicare Supplement Insurance was established to support the growth of the Medigap industry and support insurance professionals. Slome also serves as director of the American Association for Long-Term Care Insurance and the National Advisory Center for Short Term Care Information.