E & O online

Est. 2006

Ask The Expert ...

What Is Errors And Omissions Coverage?

Errors and Omissions Coverage can protect a professional from claims relating to an error or omission in providing professional services that can lead to a lawsuit. An error or omission can occur at any time and on almost any transaction. ACE Financial Group Ltd. can provide protection for the busy professional from the legal fees associated with such unintentional errors, mistakes or omissions.

Does This Cover Me And My Business?

Your errors and omissions policy with ACE Financial Group Ltd. will only cover you personally. All business partner, owners, employees, independent contractors, and all administrative staff members working for your business under your business name will each need their own Policy.

Why Do I Need An Errors And Omissions Coverage Policy?

Any professional can be sued for an error or omission. Even the most diligent professional can be held liable or be sued for a professional error, omission or mistake. Defense costs resulting from such lawsuits are a significant portion of the cost of an errors and omissions plan. It is not uncommon for a professional to spend thousands of dollars on defense costs for a matter that ultimately gets dismissed.

Why Are Your Rates Lower Than Other Companies?

ACE Financial Group Ltd. has chosen not to pay high commissions to salespeople to offer our products. We receive 71% of our new clients from word-of-mouth referrals, and renewals. We also do not pay the high cost of mass marketing; TV, radio, newspaper, and magazines. Because of this we are able to lower our advertising and marketing costs. ACE Financial Group Ltd. also uses a streamlined application process and low cost annual payment modes to give us the ability to lower our administrative costs, processing fees and overhead expenses. We decline coverage for those applicants that have a higher risk, or would have been ridered, rated or limited coverage. These business practices and others allow ACE Financial Group Ltd. to offer Plans at one of the lowest rates. Therefore, we are able to pass the savings on to you.

Why Are You Not In My State?

Regulations and requirements vary from state to state. This dictates the states in which we can operate.

Will My Quoted Amount Change After My Application Is Processed?

The annual Premium amount given to you after you have completed your application is you final rate. This rate will not change after our New Business Department has reviewed your application. We refuse Coverage for those applicants that have a higher risk, would have been ridered, rated, or limited Coverage. This allows us to only cover those with an exceptionally low risk, allowing us to maintain our low rates.

What Is The Process of Applying, Paying, And Getting My Certificate Of Coverage?

The process is very quick and simple to apply for Coverage. First you would fill out an online application, and pay your annual premium for your Coverage. Our New Business Department will review your application as soon as possible in the order it was received. If they have any additional questions or concerns, they will contact you by email or phone at the address or number you have listed on your application. This process usually takes from 2 hours to 2 business days. They will then email you the reason your application was declined, or a Welcome Letter along with your Certificate of Coverage and a Declarations Page. If you have not received an email from them within 2 business days, please check your spam, junk, and trash folders for their correspondence due to your strict email security settings. If their email is not there, please contact our Customer Service Department right away. They will be glad to assist you in any way needed.

What Type Of Annuities Do You Cover?

ACE Financial Group Ltd. covers all types of Annuities, to include; fixed, indexed, and variable.

Do You Cover Bonds?

ACE Financial Group Ltd. does not cover the sale or service of any type of bonds.

Why Do I Have To Pay Before I Can Find Out If My Application Is Approved?

A provider must have a completed application and all funds submitted before the application can be reviewed or approved. If not, the New Business Department would spend endless hours reviewing applications for people that were "just shopping". This legal process ensures that each person is a serious applicant, and saves ACE Financial Group Ltd. time and money in processing. This allows ACE Financial Group Ltd. to offer some of the lowest rates available. Payment is not processed until the application is approved. If the customer then refuses Coverage, they are given a full refund.

Why Do You Not Offer A Monthly Payment Option?

In order to have the lowest rates, we found it necessary to offer an annual payment only. This reduces processing costs and streamlines the application process. Many of our customers pay for their Coverage with their credit cards or debit cards. This gives them the option to pay it off on a monthly basis if they wish.

Why Do You Not Accept Checks?

The ACE Financial Group Ltd. accounting department has determined that it costs us more to accept checks because they often bounce, and there is no way to ensure that the funds are available. Because we process applications and issue coverage so quickly, a bounced check would require us to cancel policies after they have been issued. This is bad for both ACE Financial Group Ltd. and the customer. Credit Cards can be verified for funds immediately, and therefore ensure that our customers have consistent coverage in force.

Is ACE Financial a Publicly or Privately Held Company?

ACE Financial Group Ltd. is a privately-held, owned, managed, and operated corporation. Therefore, ACE Financial Group Ltd. is not required to disclose their private financial information to the public or financial rating companies. Privately-held companies tend to be more stable because they are not driven or controlled by market or stockholder pressures or prejudices. A common misconception is that privately-held companies are small and of little interest. In fact, there are many big-name companies that are also privately held. Check out the Forbes.com list list of the largest private companies in 2006.

How Long Does It Take To Get A Certificate Of Coverage?

The Certificate of Coverage is emailed to you as soon as the application is approved. Many applicants receive it on the same business day that they applied.

Could You Please Explain Your Satisfaction Guarantee Refund Policy?

We at ACE Financial Group Ltd. are committed to your complete satisfaction, and are confident that you will value our Coverage, rates, responsive customer service, and application convenience. We therefore proudly offer you a 100% Satisfaction Guarantee. If, during the first 30 day Right To Review Period, for any reason you are not completely satisfied with our Coverage, we will gladly offer you a complete refund of all monies you have paid for our coverage. We process all refunds on the same business day that you request them.

How Does Your Diminishing Deductible Work?

We offer a Diminishing Deductible as a standard feature on all Plans that we sell. Your Deductible will be decreased by 25% every year that you renew with us after having a claim-free year. That means that if you have no claims with us for 4 years, on your 5th year you will have no out of pocket on your Plan! It is our way of rewarding our preferred low-risk customers!

What Company Backs Your Coverage?

All Errors and Omissions Plans we offer are administered and managed by ACE Financial Group Ltd. ACE Financial Group Ltd. is a leading edge company in the Errors and Omissions Risk Sharing Industry. They have a state of the art application processing, highly acclaimed business procedures, and exceptional customer service operations.

Do You Have To Be A Current Customer To Take Advantage Of The Referral Program?

No, anyone can participate in the Referral Program. You do not have to be a current customer to start receiving checks. Just simply ask the person you refer to add your name and address to the appropriate box on their application. A check will be mailed directly to you after their Policy goes into effect. It is that simple! Please see the Referral Program tab above for more information.

How Do I Apply For Your Coverage?

Our online application process is simple, quick and easy. It should only take about 5 minutes to complete. Just click on any "Apply Now" button to begin. Our staff will review your application and will call or email you with any questions they may have. Most Plans are in effect the same day!


Definition of *Deductible: ACE Financial Group Ltd. uses the insurance terminology "Deductible" for the sole purpose as to reduce industry confusion and aid in insurance policy comparisons. ACE Financial Group Ltd. does not specifically offer a "Deductible," as that is an insurance industry term, but specifically an "Initial Out of Pocket." This is the amount that each Policy Holder must first satisfy, after a Claim is submitted, processed, and approved, before ACE Financial Group Ltd. Claims Department will pay out any monies from their General Reserve Fund towards any claim.

Definition of *Premium: ACE Financial Group Ltd. uses the insurance terminology "Premium," for the sole purpose as to reduce industry confusion and aid in insurance policy comparisons. ACE Financial Group Ltd. does not specifically collect a "Premium," as that is an insurance industry term, but specifically an "Annual Rate" for our products. This is the amount that each Policy Holder must first pay (either the full annual amount, or down payment with successive monthly payments) in order to apply for, obtain, and be covered for an Errors and Omissions Policy before any legal binding Coverage can go into effect.

All policies are Offered, Administered, and Managed by ACE Financial Group Ltd.

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