Rockwood Programs has recently partnered with certain underwriters at Lloyds of London to offer professional liability coverage specifically for property casualty agents licensed less than three years.
“Our management team has long recognized that recently licensed producers represent an under-served niche within the larger insurance agent community”, says Darryl McCallin, vice president of Rockwood Programs. “In the past, we have had to decline risks if the applicant had less than three years of experience in the industry. This forced these new agents to make a daunting choice – either secure coverage through a high-priced indemnity market, or self-insure their professional liability exposure”.
“This program is not for everyone”, adds Pam Hauserman, manager of Rockwood’s P/C Agent E&O unit. “Factors which determine eligibility include years of experience, annual commission revenues, risk location, and types of products placed. As a prerequisite of coverage, new policyholders must also agree to access and review the risk management tools available on our Web site.”
The newly licensed agents program provides a liability limit of $1 million/$1 million. All policies are issued with a $5,000 deductible. Premiums start at $3,100. Rates are designed to be commensurate with experience. Base premiums actually decrease with each renewal. Once an agent has three years of experience, he/she becomes eligible for Rockwood’s standard program.
More information can be found at www.rockwoodinsurance.com. For additional information, contact Darryl McCallin, vice president, at 302-765-6018, or at: email@example.com
Source: Rockwood Programs
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