Rockwood Programs has finalized negotiations with multiple insurance carriers and Lloyds Syndicates to expand its existing Errors & Omissions program for property and casualty agents.
This program was designed to specifically address the unique professional liability exposures faced by insurance agents and brokers.
Among the changes that have been adopted:
Nationwide Eligibility. Coverage is now available in all 50 states and the District of Columbia.
Expanded Underwriting Criteria. The core program (called the Main Street P&C Agents RPG) can now accept submissions from applicants who generate up to $2,000,000 in gross revenues annually. Agents working in specialized areas, such as crop insurance or aviation placements, may also qualify.
Risk Management Tools. An array of loss control tools are available for review on Rockwood’s website. These tools are only accessible by our policyholders.
Other Market Outlets. Rockwood has established relationships with several markets to assist in the placement of one-off risks that fall outside of the new program parameters. Agents with incomes in excess of $2,000,000 or those possessing underwriting authorities may be eligible.
“Existing market conditions have made it especially difficult for smaller producer to find adequate professional liability coverage”, says Glenn Clark, president of Rockwood Programs. “We have endeavored to develop a policy form, rating structure, and delivery mechanism that meets to the unique needs of the ‘Main Street’ independent insurance agent.”
Premiums start as low as $1,500. Various liability limit and retention options are available. Most applications for coverage can be processed within 48 hours. Interested parties can access Rockwood’s website at www.rockwoodinsurance.com to learn more about the program and download informational materials. The company can also be contacted directly by calling toll-free 877-242-2487. The fax number is 302-762-4200.
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