Survey Says: NEB Members Want Better E&O Insurance

Thanks to all NEB members who completed our recent E&O Survey. A large percentage of the membership responded and the verdict is in: Nearly 90 percent of members have the freedom to purchase their own coverage, and of those, nearly 95 percent said they’d be likely to purchase E&O insurance through NEB, based on the proposed enhanced features.

In terms of desired standard features, more than three out of four members would like to see the NEB E&O plan offer automatic eligibility with simplified underwriting. Similar numbers said they’d want coverage retroactive to the date of the first continuous error or omission, as well as coverage available for past activities.

In addition, slightly more than 90 percent of responding members said a 10 percent to 20 percent premium discount would be an important factor in their decision to buy NEB E&O coverage. Other important value-added features were coverage for beneficiary claims on behalf of clients and provision of Series 65 Investment Advisor coverage.

We have already submitted this data to our E&O representative and will soon enter negotiations with competing E&O carriers. Given the membership’s need for more affordable E&O protection, our plan is to push for an underwriting offer as soon as possible. When we receive the carrier’s proposal, we will update you about the product to be offered and when it will be available.

In the meantime, if you’d like to be notified when our E&O policy hit the streets, go here. Then scroll down to item #9 to enter your contact information.