The Professional Underwriting Group, Inc. (PUG) will now provide insurance agents and brokers professional liability insurance for insurers earning a rating of “A” or better from Demotech. The insurance offering includes coverage for insolvency to the producer when the market is rated “A” by the financial analysis firm.
Jay Martin, president of PUG, says the carve back that is available to these rated carriers means agents or brokers are no longer held hostage by arbitrary provisions in their current E&O carrier’s policy.
This carve back of E&O coverage is based upon Demotech’s exceptional record identifying carriers that possess the ability to sustain long-term financial stability, said Joseph Petrelli, president of the Columbus, Ohio-based Demotech.
He also said the carve back is a recognition that the independent agency system needs unfettered access to financially stable markets that can assist the producers’ clients.
“In a competitive marketplace, with consumers focused on obtaining value from their purchases of insurance, producers deserve the support of their E&O carrier, not another hurdle to overcome,” Petrelli said. “Jay Martin, Professional Underwriting Group, Inc. and their preferred E & O admitted market recognize this and, after reviewing our track record, have responded with a carve back for the producers licensed by the fine carriers rated A or better by Demotech.”
PUG is based in Delray Beach, Fla. and provides a variety of professional liability coverages. To obtain a quote, agents and producers can download an application or submit a quick quote via the company’s website or by phone.