Darwin Professional Underwriters Inc. and the Target Markets Program Administrators Association have announced a program that establishes Darwin as the preferred provider of errors and omissions (E&O) liability insurance coverage for the association’s members.
Under the terms of the agreement Darwin will offer a program specialist E&O policy with exclusive features, in conjunction with a loss control program specifically geared towards the risks faced by program administrators.
Target Market members who purchase this coverage through the Association will receive a complimentary, risk specific loss control program for the duration of the policy period from Darwin, and will also be entitled to a 10 percent discount on their annual premium.
“It has been our intent to find a partner carrier that would view program
administrators as a distinctly different class of business than large MGA’s and wholesalers,” said Glenn Clark, board chairperson and founder of Target Markets. “Darwin recognizes that program specialists have unique E&O exposures and they have created an insurance product to address such risks.”
“Program administrators are specialists in specific market segments and product offerings to their distribution partners, which we feel deserve special underwriting considerations,” states Nicole Haggerty, AVP and lead underwriter for Darwin’s insurance-related E&O products. “We look forward to working with the association and its members on this program.”
Both Darwin and Rockwood Programs, who will administer this program, will provide additional details about this coverage to the association’s members at the Target Markets Annual Summit Meeting in Tempe, Ariz., Oct. 18-20, 2004.
Program administrators interested in additional information about the E&O program can visit: www.targetmkts.com or call: (877) 347-5700.