This case could benefit insurance brokers tremendously by providing some additional liability protection for insurance agencies who operate in these markets.
Every broker who sells E&S polices is basically thrown under the bus by MGA’s to protect themselves from liability. There are even MGA’s who require a personal guaranty in their contract with brokers. This means they could pierce your corporate entity.
MGA’s offer NO value when it comes to informing brokers about important exclusions, conditions or other coverages available. Many underwriters have little knowledge of the policies they underwrite.
This case could benefit insurance brokers tremendously by providing some additional liability protection for insurance agencies who operate in these markets.
Every broker who sells E&S polices is basically thrown under the bus by MGA’s to protect themselves from liability. There are even MGA’s who require a personal guaranty in their contract with brokers. This means they could pierce your corporate entity.
MGA’s offer NO value when it comes to informing brokers about important exclusions, conditions or other coverages available. Many underwriters have little knowledge of the policies they underwrite.
In my opinion, I don’t know why MGA’s even exist.