What are the E&O requirements?
This is what you need to work with Firefly:
- An E&O policy with a minimum occurrence limit of $1 million and a minimum aggregate limit of $2 million.
- Firefly Agency LLC must be added as an Additional Insured on the policy and be notified in 30 days if the policy is cancelled.
We will require updated copies of your policy every renewal showing that your policy meets the minimum requirements and has the appropriate language.
Firefly has a great relationship with Utica National. Agents who work with us are eligible to get a discounted rate on their E&O insurance from Utica. You are not required to buy a policy from them, but most agents find their value too good to pass up.
Normally, scratch agencies would not qualify for the Utica National policy, but you will qualify if they are you are contracted with Firefly so long as you don’t focus on non-admitted commercial business, or trucking.
E&O isn’t an exciting topic, but an important one. Let us know if you have any questions.
Learn more about what you get with Firefly by downloading our ebook here.