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FAQ

Below is a list of frequently asked questions that we have compiled over the years. Please review them, your answer may be below. If your question is not answered, please Contact Us immediately, we are here to help you!

What is the largest broker dealer you will consider?
 

• There is no maximum size limit. We will look at all sizes from the very smallest to the very largest. This is one of the reasons we can be so flexible.

 

Can you cover the sales of unregistered limited partnerships and REITs?
 

• Yes, with information we will cover the sales of these products. Our base policy already automatically covers publicly registered limited partnerships and REITs.

 

Does your policy cover the sales of fixed life products by registered representatives independent of their broker dealer?
 

• Yes, we add our Broadform Life Endorsement to provide this coverage.

 

The policy of the carrier we currently use for our broker dealer client covers claims only if made by a client of the broker dealer, Is your policy the same way?
 

• No, our policy covers claims from clients of the broker dealer and the registered representatives. Registered representatives need coverage when preparing financial plans for a fee, selling fixed life products to individuals, etc.

 

Will you write a broker dealer with just one registered representative?
 

• No, we are looking for a minimum of three registered representatives normally.

 

Our broker dealer client’s current policy excludes unregistered limited partnerships and REITs, and the carrier won’t endorse on the coverage, Will you consider covering these products?
 

• Yes, with information we routinely provide coverage for these products.

 

My client has some unique aspects that needs to be reflected in the policy. Can you customize your policy to meet their needs?
 

• Yes we can. We pride ourselves on being able to draft terms to meet the needs of unique and not so unique clients. We don’t take a one size fits all type of approach to our policies.

 

Where do I get a specimen copy of the policy?
 

• Contact one of the Customer Service Representatives. It will be available on the website soon.

 

What is the minimum premium?
 

• $1,500 for Financial Services Policies.

 

What is the premium on Life/Agents/Association/Program Policies?
 

• It varies depending on limits, geographic location, deductibles. Fill out a quick quote form and we’ll e-mail you a premium estimate.

 

How long does it take to get a quote?
 

• It depends on how complicated an account you have, what your time constraints are and if you supply all of the necessary information quickly. Usually a quote can be generated within a week; however, on larger accounts or accounts with more complex issues you should discuss the time line with your underwriter.

 

How long does it take to get my policy?
 

• Usually policies are issued within 30 days or less of the risk being bound. Unusual circumstances, however, may delay the issuance. If you have a pressing need to receive the policy sooner, please contact your underwriter or CSR to discuss.

 

I need a Certificate of Insurance. What do I do?
 

• Contact one of the Customer Service Representatives. They will help you much more quickly than if you leave a message for your underwriter. Also, you’ll get your quotes faster if your underwriter isn’t trying to order your certs for you.

 

Can I pay by credit card?
 

• No. Currently we do not have this service available; however in “Coming Attractions” we note that this service will be available in Phase III of our new web site rollout. Stay tuned.

 

There is a typo on my policy. Please correct it.
 

• Typos do occur occasionally, especially since each policy is crafted specifically for you. You may mark the correction and advise us and we will certainly make an effort to correct it on your renewal but we cannot reissue policies or forms for typos…unless your name is misspelled or some other pertinent information is incorrect.

 

Where do I send new and renewal submissions?
 

• Please direct all new and renewal submissions to FinancialServices @ prosurancegroup.com The Custoer Service Representative will assign your account to an underwriter and someone will contact you.

 

Who is my submission assigned to?
 

• Submissions are assigned on a rotational basis. Please do not request a particular underwriter or call a particular underwriter with questions if you know your account has been assigned to someone else. This system allows an equal distribution of work and assists with the flow of business.

 

Can I premium finance my policy?
 

• Yes. Please contact one of the Customer Service Representatives, or your underwriter if you wish to finance your policy. They will refer it to the accounting department and someone will forward a finance agreement to you with instructions.

 

Can Prosurance file the surplus lines taxes for me?
 

• Yes. They will be calculated and included on your quote. When you pay your premium and taxes PSG will do the necessary filing.

 

If an advisor is deleted from the policy mid-term, what is the return premium
 

• There is no return premium. The adjustment will be made on your renewal when you submit your new roster.

 

Can an advisor be added mid-term to the policy and what is the cost?
 

• Yes, you can add an advisor mid-term. Request the 2-page app.from one of the Customer Services Representatives, complete and return it and you will be provided with a premium.

 

Can Property & Casualty be added to the policy?
 

• Yes, if less than 15% of total revenue. Cost estimated around $150.

 

Can Tax Prep be added to the policy.
 

• Yes. Complete Tax Supplemental application.

 

Will you quote from another carrier’s app.
 

• Yes; however both the quote and binder will be subject to our receipt of our application.

 

Life/Series 6 program: Can my company be named on the policy/Certificate of Insurance.
 

• No.

 

Have you received my payment?
 

• You should call our accounting department and speak with our General Accountant to find out if we have received your payment.

 

I have not received my policy. How do I check the status.
 

• You can check with one of the Customer Service Representatives by e-mail, fax or phone, if your policy is overdue. Please be patient within the normal confines described above of 30 days.

 

I’ve been asked if “consulting” services of various forms are covered.
 

• Under our Financial Services Program we cover advice given by financial planners, investment advisors, life agents, and registered representatives in their capacity as such. Sometimes these services are called “consulting.” However, this program does not insure what is commonly called management consulting, i.e., developing strategies to improve a business. We are able to get you coverage from other sources though. Hence, you are encouraged to contact ProSurance Group to describe the specific consulting you perform to see how we can best help you.