E&O Program for Agents 2024-2025
All Career Agents are required to have Errors and Omissions Insurance. This insurance is automatically provided for all Career Agents with the endorsement of their Career Agent contract.
Primary coverage
- Primary E&O coverage is with Everest National Insurance Company, an A+ rated carrier.
- $2 million per claim/$2 million aggregate per insured agent ($3 million per claim/$3 million aggregate per insured agent for general agents, general managers, and managing partners).
- Total policy aggregate: $225 million for all non-New York advisors; no policy aggregate for agents who reside and practice in New York.
MassMutual’s primary program as follows:
- Career agents/sales managers. The premium of $79.75 will be deducted from your MassMutual voucher twice a month.
- Deductibles. Deductible levels remain unchanged from last year at $1,000 for all. Deductibles apply to the payment of both damages and defense costs.
- Defense costs. These costs are included in the limits of liability.
- Coverage. The “E&O Highlights Booklet” describing the program’s terms and conditions will be available on Compass under Errors & Omissions Coverage, which also includes information about claim-filing requirements and certificates of insurance.
- Enrollment letters. Agents will receive an enrollment letter explaining the program benefits. They are enrolled automatically.
Excess E&O coverage is provided as follows:
- All career agent classifications. MassMutual renewed the excess coverage with Continental Casualty Company for $162 annually for all career agent classifications. Agents are enrolled automatically for the excess coverage unless they opt out and submit proof of alternative E&O insurance that meets the minimum requirements outlined in the enrollment letter.