Got a call from an agent asking about Errors and Omission coverage for life settlement transactions.
Errors and Omission Insurance (E&O Coverage): E&O insurance is a type of insurance carried by most qualified financial organizations. Some E&O coverage providing by life settlement brokers or life settlement companies are setup on a case by case basis, others have a “blanket” type coverage. You will most likely have to complete some type of documentation to be included in the coverage. You should make sure that your broker or company carries E&O insurance. You can even ask to see their certificate.
If you have more questions, please call the Life Settlement Helpline at: 1-888-823-7764
It’s not a privilege to see a broker’s certificate, you should always request this without any apprehension. Furthermore, if you plan on being covered by the policy, you should request a copy of an insurance certificate which evidences that the broker’s e&o policy includes you as an additional insured.