Austin, Texas-based Combined Agents of America LLC (CAA) members see a growing appetite among businesses and non-profits for directors and officers liability insurance (D&O), error and omissions insurance (E&O), and employment practices liability insurance (EPLI).
According to CAA, many of its 44 member agencies expect the growth to continue, and predict a rise in these kinds of claims because of the number of failing businesses in 2009 and the continuing layoffs.
“We have seen a rise in D&O and E&O. We used to quote it a lot, but not write it very often. Now, we write it most of the time when we quote it,” said CAA member Brent Borgstedte, CEO of GBS Insurance Agency of Bellaire, Texas.
CAA member Stephen Schmerbeck, president of Garrett Insurance Agency in Kerrville, Texas, said the renewal price for the professional liability products has remained stable.
Along with the increase in sales, agents report a slight uptick in D&O claims. Many believe these kinds of insurance claims will continue to increase, CAA reported.
Source: Combined Agents of America
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