NEW MAPD CONTRACT INSURANCE REQUIREMENTS Security & Privacy Liability Insurance in amounts no less than 1 MILLION. ARE YOU COMPLIANT??

[FMOadvisor]

I know some agents scroll through the 45 page contract from WellCare (and others) and see new requirements for various insurance policies. A few things I have seen listed as "required" :
1. Security and Privacy Liability for 1M ( also know as Cyber Liability)
2. 5 year Tail coverage requirements ( I don't know any company that offers more than 3 years)
3. Premises and Auto Liability of 1M

I shared my concerns with WellCare and they have since reduced the E&O from 3M to 1M and omitted an auto liability limit. The Security and Privacy requirement is still there and WellCare isn't the only company requiring it. Has anyone found a stand alone Cyber policy for less than $400 a year? The lowest one I have found so far is through NAPA and it was $416

 

[axeman462]

@Policy Monkey. Thoughts?

 

[Policy Monkey]

I have not written any stand-alone Cyber policies, so not sure about pricing. But at first glance, $400ish / year for $1M coverage doesn't sound too bad. The premises and auto limits are easy enough, but the 5 year tail coverage could be tough. OP is right, 3 year is much more common.

 

[sman]

I know some agents scroll through the 45 page contract from WellCare (and others) and see new requirements for various insurance policies. A few things I have seen listed as "required" :
1. Security and Privacy Liability for 1M ( also know as Cyber Liability)
2. 5 year Tail coverage requirements ( I don't know any company that offers more than 3 years)
3. Premises and Auto Liability of 1M

I shared my concerns with WellCare and they have since reduced the E&O from 3M to 1M and omitted an auto liability limit. The Security and Privacy requirement is still there and WellCare isn't the only company requiring it. Has anyone found a stand alone Cyber policy for less than $400 a year? The lowest one I have found so far is through NAPA and it was $416

So let's remove all PDP renewals, not pay commission on new PDP business and also require agents to spend more money if they want to sell our MAPD products. Makes perfect sense. Sounds like a great plan to increase sales from the independent agent.

I will not actively promote any WellCare product. I have a large number on their PDP plans, but they are my fewest number of MAPD's by carrier. I think I only have 10 or 11 with them. I won't actively try and move those 10 or 11. But once plans drop in October and I run comparisons, if there is an alternate plan with comparable benefits and costs, I will make sure the customer is aware of the alternative.

I truly hope this all backfires spectacularly for WellCare.

 

[Millwood]

I know some agents scroll through the 45 page contract from WellCare (and others) and see new requirements for various insurance policies. A few things I have seen listed as "required" :
1. Security and Privacy Liability for 1M ( also know as Cyber Liability).
2. 5 year Tail coverage requirements ( I don't know any company that offers more than 3 years)
3. Premises and Auto Liability of 1M

I shared my concerns with WellCare and they have since reduced the E&O from 3M to 1M and omitted an auto liability limit. The Security and Privacy requirement is still there and WellCare isn't the only company requiring it. Has anyone found a stand alone Cyber policy for less than $400 a year? The lowest one I have found so far is through NAPA and it was $4Well, I think you are going to be pressed hard to find any agent who will wrght ANY Wellcare product.

I think every agent is in revenge mode.
Hang on Wellcare . ....around and Find Out.

So to answer main question we don't need to meet any of those requirements. We're not writing any of their products.........EVER

 

[Duaine]

We are trusted partners of the insurance companies.....~~!!

 

[InsuranceGuy29]

So let's remove all PDP renewals, not pay commission on new PDP business and also require agents to spend more money if they want to sell our MAPD products. Makes perfect sense. Sounds like a great plan to increase sales from the independent agent.

I will not actively promote any WellCare product. I have a large number on their PDP plans, but they are my fewest number of MAPD's by carrier. I think I only have 10 or 11 with them. I won't actively try and move those 10 or 11. But once plans drop in October and I run comparisons, if there is an alternate plan with comparable benefits and costs, I will make sure the customer is aware of the alternative.

I truly hope this all backfires spectacularly for WellCare.

I'd move them. Guaranteed, your clients will end up getting a better deal elsewhere, as well. On the PDP side, just leave your high RX-using/consuming clients with them. That's what I'm doing.

 

[InsuranceGuy29]

We are trusted partners of the insurance companies.....~~!!
View attachment 14693

Change that stick that the insurance company guy has to a knife, and this picture would be perfectly accurate.

 

[InsuranceGuy29]

Who cares what that company wants? They can fellate me, to be quite honest. I'm never writing any policy they have, for the end of time, regardless of what line it is. They're nothing but a bunch of unethical thieves.

 

[kev_60]

I don't give a F*** what WellCare "requires" since i'll never do another enrollment with them. But what other carriers are requiring coverages other than the standard 1M/3M E&O ?

Also, what is 5 year tails coverage ?

Premises and Auto ? What does this mean in layman's terms? My clients come to me why in the hell would it be a carrier's business what auto coverage i have ?