General Star has made a number of enhancements to its insurance agents errors & omissions program. Distributed on an exclusive basis by program administrator All Risks, Ltd., the coverage continues to be written by General Star Indemnity Co. or General Star National Insurance Co. Both companies are rated A++ by A.M. Best Co. Coverage will be written on a non-admitted basis in all states except Alaska, Louisiana and Florida.
The new enhancements include:
- The criterion for insolvency protection has been extended. Coverage under the policy will be afforded to agents binding business with insurers possessing a Best’s Rating of B+ at time of placement.
- The rating process has been refined to reflect General Star’s appetite for certain areas of practice and other risk characteristics. As a result, revenue bands for determining rates have been expanded in a number of instances better aligned with General Star’s risk appetite.
- Ease of doing business has been improved by the introduction of an accelerated application process. General Star’s new “bridge application” provides the ability to quote and bind based on a competitors’ application, subject to a few simple questions regarding the applicant’s operations.
Customized program features such as reputation protection, data privacy breach notification assistance and protection for exclusive independent contractors remain in place. Defense outside the limits, aggregate deductibles and first dollar defense are available options. Limits are available up to $5 million/$5 million.