Can You Have 2 E&O Policies

[eludersd]

Hello All,

Being a new agent, I am working with two existing agencies. One has a good offering of personal and one has commercial. One agency wants me to be on their E&O, so my question is, do I need to be listed on both agencies E&O, or can I have one that will cover me for both agencies?

Thanks

Mike

 

[nbarnes]

It would depend on each agency’s E&O policy. Most Insurance Agent’s and Broker’s E&O policies include coverage for employees and independent contractors while providing services on behalf of the Named Insured. So I would suggest asking each agency to confirm if this is the case.

Here is some sample language for the insured definition:
"any employee or independent contractor solely while providing Professional
Services and acting on behalf of and within the scope of his or her duties for the Named Insured or a Subsidiary that is an Insured under:
a., above, with respect to the solicitation and sale of Covered Products that have been approved by the Named Insured, provided that such individual is licensed and, if applicable, registered by all federal, state or local governmental or regulatory bodies charged with the regulation of the solicitation and sale of the Covered Products at issue in the Claim on all dates on which a Wrongful Act is alleged in the Claim to have occurred. Any such person who shall become an independent contractor or employee of the Named Insured during the Policy Period shall be an Insured upon the effective date of such contract or employment with the Insured, subject to the same limitations as above in this paragraph.

 

[oldinsuranceguy]

You will not be covered by Agency A's E&O while selling for Agency B and vice versa unless both agencies have the same owners and the same E&O policy. You should make sure that you have coverage from both agencies or simply buy your own policy.