Target Insurance Services and Lloyd’s of London have entered into a new program partnership to provide insurance agents professional liability insurance. The program will be offered to property and casualty agents and brokers with at least $1 million in annual written premium. As an added benefit to the insured, Target will also offer supplemental employment practices liability coverage to agencies with up to 15 employees Under the terms of the program contract, Target Insurance Services will have underwriting, quoting, binding and policy issuance authority on behalf of Lloyd’s.
“We are very excited to be in partnership with Lloyd’s and to offer a stable market with comprehensive coverages for insurance agents and brokers,” says Valerie McDonald, Chief Underwriting Officer of Target. “This is a strategic move for our organization to develop program and product partnerships with recognized industry leaders.”
The new program will be offered in selected states on an excess and surplus lines basis. Maximum limits of liability available are $1 million per claim and $2 million aggregate. The program provides comprehensive worldwide coverage to a market segment lagging in coverage venues. The availability of errors and omissions coverage for insurance agents and brokers has steadily declined as the market has hardened.
Optional employment practices liability insurance will be offered on a claims made and reported policy. Coverage protects insurance agents and brokers against legal defense expenses and damages resulting from wrongful employment practices including discrimination, sexual harassment, wrongful termination and other related workplace issues.
Inquiries and correspondence for the insurance agents professional liability insurance program may be directed to : Valerie McDonald, Chief Underwriting Officer, Target Insurance Services, 35 Tower Lane, Avon, Connecticut 06001; phone 888-888.1613 (ext.244); fax 860-284-9697; email email@example.com
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