Swiss Re’s Commercial Insurance group has introduced Errors and Omissions (E&O) agency umbrella coverage in all 50 states and the District of Columbia.
“The insurance policy offering was developed in conjunction with the Independent Insurance Agents & Brokers of America (The Big “I”) to meet the needs of the insurance agent marketplace,” said the announcement. The coverage is expected to be available countrywide contingent on filing approval from each state department of insurance.
Swiss Re explained that the policy “offers broad coverage over primary lines, including professional liability, with a maximum limit of up to $10 million. The program, underwritten by Westport Insurance Corporation (a member of the Swiss Re Group), is rated ‘A+’ by A.M. Best and has a 34-year history of underwriting professional liability. Swiss Re can write the umbrella over their own E&O coverage, or most other carrier’s primary E&O coverage (except in California).”
Sabrena Sally, Senior Vice President and Underwriting Leader for Swiss Re’s Commercial Insurance, explained that the “Agency Umbrella E&O policy offered by Swiss Re allows agents to protect themselves with an umbrella coverage without excluding their errors and omissions exposure.”
Swiss Re also noted that the “E&O policies can provide excess coverage over primary E&O, commercial auto, comprehensive general liability and employers liability coverages. That means for Swiss Re primary policyholders, the policies can be packaged together to provide up to $20 million in E&O protection. An extended reporting period of up to 10 years is available, depending on the primary E&O carrier.”
Ronnie Tubertini, Chairman of the Big “I’s” Professional Liability Committee, pointed out that the “coverage was designed to meet the needs of independent agents. We endorse this product, backed by Swiss Re’s long history of providing excess coverage for a variety of business and professional needs.”
Interested agents should contact their state E&O administrator for details on coverage available in their state.
Source: Swiss Re: www.swissre.com