Company professional liability | Agent E&O
Frequently asked questions
What does NAMIC stand for?
The National Association of Mutual Insurance Companies (NAMIC) is the largest property/casualty insurance trade association in the country, with more than 1,400 member companies representing 39 percent of the total market. NAMIC supports regional and local mutual insurance companies on main streets across America and many of the country’s largest national insurers. NAMIC member companies serve more than 170 million policyholders and write more than $230 billion in annual premiums. Our members account for 54 percent of homeowners, 43 percent of automobile, and 32 percent of the business insurance markets. Through our advocacy programs we promote public policy solutions that benefit NAMIC member companies and the policyholders they serve and foster greater understanding and recognition of the unique alignment of interests between management and policyholders of mutual companies.
What is NAMIC Insurance Solutions?
NAMIC Insurance Solutions…NAMIC Insurance Company and NAMIC Insurance Agency…working together for the benefit of NAMIC members and their business partners to provide critical professional liability insurance products focused on the mutual insurance industry. NAMIC Insurance Solutions is more than just a marketing name: it reflects the commitment of the staff of these two NAMIC entities to providing members and their business partners with solutions to their professional liability insurance needs. More than 85 percent of member companies purchase some combination of D & O, ICPL, EPLI, Fidelity, Fiduciary or Cyber Liability coverage from Insurance Solutions; more than 3,000 member company agents obtain their E&O coverage from us. Creative Solutions and Outstanding Service are the hallmarks of Insurance Solutions’ commitment to our policyholders. While constrained by its founders to serving NAMIC member companies and their business partners, Insurance Solutions is bound only by sound underwriting judgment in its ability to provide one - off solutions to the unique needs of our policyholders. From the smallest farm mutual to large national P & C insurers, Insurance Solutions continues to offer options for a wide range of different and difficult risks.
Does my company have to be a NAMIC member to purchase a policy through the NAMIC Insurance Agency (the Agency)?
No, membership in the association is only required when the NAMIC Insurance Company (NAMICO), United Specialty, or National Specialty is the carrier. The Agency offers a variety of liability products through other carriers.
What carriers do you represent?
NAMIC Insurance Company, United Specialty, National Specialty, Travelers Group of Insurance Companies, United States Liability Insurance Company, Mount Vernon Insurance Company, Liberty Mutual Insurance Group. In addition, we have access to other companies through various broker relationships.
How long has NIA/NAMICO been in business? What is NAMICO's rating?
NAMIC Insurance Agency has been in business since 1979. NAMIC Insurance Company was founded in 1987, and is currently rated 'A' by A.M. Best.
Are you authorized to sell insurance in my state?
NAMIC Insurance Agency and its employee agents hold a combination of licenses in 49 states. We are not licensed in Hawaii, Puerto Rico, Guam or Canada.
Why does my quote include surplus lines tax?
If the carrier is not admitted in your state, the quote will include surplus lines tax, as required by your state's Department of Insurance.
My quote states that NAMIC Insurance Company is a non-admitted carrier in my state. What does this mean?
A non-admitted carrier is licensed to do business in a given state, however it is not covered by the state's guaranty fund. The guaranty fund provides coverage in the event of an insurance company’s insolvency.
How do I know what type of coverage I need?
If you are a Mutual Insurance Company, you should consider Directors and Officers (D&O) Liability, Insurance Company Professional Liability, and Employment Practices Liability. You should also carry a Fidelity Bond. If you offer an Employee Savings Plan (pension, 401(k), IRA, etc.) or Employee Welfare Plans (health, life, vision, dental, etc), NAMIC Insurance Agency recommends protecting the fiduciaries of those plans with Trustees and Fiduciaries Liability coverage. If you are an Agent or Agency, you should consider Insurance Agents and Brokers Professional Liability (Errors and Omissions), Employment Practices Liability and a Fidelity Bond. If you offer an Employee Savings Plan (pension, 401(k), IRA, etc.) or Employee Welfare Plans (health, life, vision, dental, etc), NAMIC Insurance Agency recommends protecting the fiduciaries of those plans with Trustees and Fiduciaries Liability coverage.
How long will it take to get a firm quote?
For new business agents Errors and Omissions (E&O) quotes, it takes 3-5 business days to receive a quote. Rush quotes are available upon request. For new business insurance company D & O and Insurance Company Professional Liability quotes, it takes 5 - 10 business days to receive a quote. Rush quotes are available upon request.
Do you sell multi-year policies/coverage?
We do not currently have multi-year Agents E&O or Insurance Company D&O and Insurance Company Professional Liability policies; however, subject to underwriting approval, you may qualify for an automatic renewal. Fidelity bonds, Employment Practices and Fiduciary policies are available as multi-year policies on an individual basis and subject to underwriting approval.
Does NAMICO offer split limits?
NAMIC Insurance Company offers quotes on a combined single limit basis for Company accounts. Split limits are available for Agent E&O quotes.
Do you have binding authority?
Yes, we have binding authority with most of our carriers. However, some products will require confirmation of coverage from the underwriter.
The application requests information and documents that I sent last year. Do I need to send them again?
Please provide copies of any new documents and any documents which contain new or updated information. It is not necessary to send any documents which are duplicates of documents you sent us in previous years.
Do I have to answer all of the application questions?
Please provide a response to all application questions as they apply. If you do not provide answers to questions marked as required on the application form, processing of your application may be delayed.
Do I have to complete my renewal application on line?
No, we will gladly send you a paper application via U.S. mail or fax upon request. Please call us at 1-800-336-2642.
Can the website complete some of my information which doesn't change each year?
Your online application will be pre-populated with much of the data entered the previous year.
Are sub-producers or employees covered under my policy? (Agents E&O)
Most agents E&O policies do provide some coverage for employees and sub-producers. Please read your policy or call us at 1-800-336-2642 to confirm coverage.
Does this policy cover my life and health business? (Agents E&O)
The Agent's E&O policy can be written to include life and health business. Please include all life and health business on the application and provide a request to include or exclude that business.
The application requests the signature of the president or CEO. Can someone else sign the application?
The application requires the signature of the president or CEO. However, we can provide a quotation without a signature. The underwriter will require an application signed by the president or CEO prior to issuing the policy.
What if the mutual's financial statement or audit isn't complete yet?
Please send the application and submit the financial statement when it becomes available.
How do I calculate Gross Written premium?
Refer to your company's financial statement for the Gross Written Premium.
How do I calculate Net Written premium?
Gross Written Premium - Reinsurance costs = Net Written Premium
How do I calculate Net income?
Net Written Premium – Underwriting Costs = Net Income
My company is planning a merger with another company. Will the merger affect our coverage?
Yes. Most policies include a Changes in Exposure clause or an endorsement which states mergers must be approved by the underwriter. In addition, the merger may cause the policy to go into run-off status. Please call us at 1-800-336-2642 when considering a merger to discuss your coverage options.
Do I need to submit my complete annual statement?
Please submit your entire annual statement (in electronic format if possible). You may upload your statement to us electronically through our Online Application System, or e-mail it to us at nia@namic.org.
Can you provide a quote based on another carrier's application?
Yes, we will gladly provide a quote based on another carrier's application. Any carrier that we place your business with will typically require you to complete their application prior to issuing the policy.
What is prior acts coverage?
Prior acts coverage allows the policy to respond to claims reported during the policy period in which the wrongful act or professional service or error occurred prior to the policy period, but after the prior acts date shown on the declarations page or in the policy endorsements. It is important to read your policy language including endorsements to determine the policy's prior acts coverage.
What is a claims made and reported policy?
A CLAIMS MADE AND REPORTED POLICY requires claims to be both first made against the insured and reported to the carrier during the policy period or the designated reporting period stated in the policy. Some policies require the insured to report the claim within a certain number of days, immediately or "as soon as practicable." Reporting a claim to the carrier immediately allows the carrier to provide you with advice, defense or a coverage response early in the claims process. Late reporting may impede defense and can result in claims denial. It is important to read your policy language including endorsements to determine the policy's designated reporting period.
How do I access the EPLI website?
NAMICO provides an Employment Practices Liability website for Agents who have purchased the Employment Practices Liability Insurance coverage endorsement on the NAMICO Agents E&O policy. You will receive a flyer detailing instructions to access the website at EmployerProtection.net. If you would like an additional copy of this flyer, please call us at 800-366-2642.
How can I make a payment?
We prefer payment by automatic check (click here to download our Authorization Form). However, we also accept credit card payments and have premium financing available. If you would like to finance your premium, please call us at 1-800-336-2642 for a quote.
Where do I send my payment?
Please send your premium payment to our office: NAMIC Insurance Agency, 3601 Vincennes Road, P. O. Box 68700, Indianapolis,IN 46268-0700.
Do you accept credit card payments?
Yes, please call us at 1-800-336-2642 prior to your renewal date to make a credit card payment.
Do you accept premium financing arrangements?
Yes, we have premium financing available through our partner IPFS. If you would like to finance your premium, please call us at 1-800-336-2642 for a quote.
Can I make payments or do I need to pay for my policy in full?
We must receive payment in full prior to binding coverage for your policy. However, you may pay by credit card. Premium financing is also available. Call us at 1-800-336-2642 for a quote and contract.
My policy has lapsed. Can I get it reinstated?
Please call us at 1-800-336-2642 to discuss reinstating your policy.
How do I file a claim?
Please call us at 1-800-336-2642 or email us at Claims@NAMICInsurance.com to report a claim. We will ask you to send us a narrative including the details of the claim and a copy of any documents you have regarding the claim.
What if I think I might have a claim but I'm not sure?
Please call us at 1-800-336-2642 to report a potential claim as soon as you believe you might have a claim. The earlier you call to report a potential claim, the more options we may have to assist you.
If I file a potential claim, will it affect my renewal premium?
One potential claim will not usually affect your renewal premium unless and until it actually becomes a claim.
I prefer to receive notices and documents from NIA in paper form. Is that possible?
Whenever possible, we will provide notices and documents to you via electronic means, typically to the email address we have on file. To change your e-mail address or notify us that you prefer to receive paper copies instead, please call us at 1-800-336-2642.
