E&O Question...please Help

samaritan · 05-20-2009, 10:51 AM

I am not planning on selling health insurance for awhile and my annual renewal for my E and O is coming up. I wanted to know that if I do not renew it on June 1st, am I still exposed to risk for contracts I have already signed while I did have E and O coverage. If someone can still file a complaint and I am exposed to risk, how long do agents need to maintain this coverage for? Am I trapped into renewing it every year, even though I am no longer selling?

Any help you can provide is greatly appreciated?

INTLXS · 05-20-2009, 01:55 PM

Your coverage is claims made so your coverage has to be in force at the time of the claim. So you can renew or get an extended reporting period (tail). Your liability "lives on" and it is a matter of how much you sold, if policies are still in force and if you want to have coverage (or self insure) in the event of a claim.