More Protection for You
Effective February 24, 2017, Genworth is renewing its supplemental professional liability insurance policy through Cove Program Underwriters (on behalf of certain underwriters at Lloyd’s of London) for errors and omissions (E&O) of its agents, brokers, advisors, and brokerage general agents (BGAs) selling Genworth insurance products.
Automatic Coverage
In certain situations, where an agent, broker, advisor, or BGA’s underlying E&O coverage might not apply due to Genworth’s ratings, this policy automatically provides supplemental E&O Insurance coverage to the agents, brokers, advisors and BGAs selling Genworth’s insurance products. You don’t need to sign up, there are no forms to fill out, and there are no checks to write! Subject to certain conditions (described below), the coverage automatically applies to all new sales of Genworth products on or after February 24, 2017, at no cost to you. A confirmation of coverage letter will be sent to each agent, broker, advisor, or brokerage general agent.
Coverage Up to $5 Million
This supplemental E&O insurance provides $1 million in coverage per incident, with a $5 million policy aggregate, for claims that are subject to an “insolvency” exclusion in the broker’s or BGA’s underlying E&O policy due to Genworth’s A.M. Best rating at the time of sale of Genworth’s insurance product.
Coverage applies exclusively to the sale of Genworth products sold by contracted agents, brokers, advisors and BGAs. Importantly, to qualify for this coverage, agents, brokers, advisors or BGAs must have at the time of sale, and at all times maintain underlying E&O coverage with minimum limits of $1,000,000 per claim and in the annual aggregate, issued by an insurance carrier rated B++ or better by A.M. Best.
Move Forward with Genworth
Our society is aging and the need for caregiving is increasing. Genworth believes that providing solutions that address the financial challenges of aging capitalizes on our expertise, experience and competitive strengths. As demand for these solutions continue to grow, you can count on Genworth to deliver the superior service that you expect and deserve.
This document is a summary of the coverage provided. All statements contain herein are subject to all terms, conditions and exclusions of the actual policy. You refer to our Frequently Asked Questions for additional information.
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