London American Professional Liability LLC, a program administrator and managing general agency, has introduced a new program for independent property/casualty insurance agents’ errors and omissions. The program will be offered on a nationwide basis and is underwritten by LAPL along with an “A XV “A.M. Best rated insurance carrier.
This professional liability program is designed for agencies with gross written premiums between $5 million and $250 million. Coverage will be offered on both a primary and excess basis. Eligible agencies include Retailers, Wholesalers, Specialist firms and Hard to Place firms.
Policy Highlights include:
* Claims made and reported policy
* Right and duty to defend
* Personal injury coverage
* Punitive damages coverage
* Mediation provision reduces retention
* Defense costs for disciplinary proceedings up to $25,000
* Supplemental Limit of Liability for expense reimbursement of $250 per day with a $5,000 aggregate limit
* Predecessor firm coverage
* Automatic 60-day Extended Reporting Period
Limits/Deductibles/Premiums are up to $5 million each claim / $5 million Annual Aggregate Limit; Minimum retention $5,000; and Minimum premium $10,000 Primary / $5,000 Excess.
For more information, please contact Ed Velasquez, president, London American Professional Liability at: evelasquez@londonamericantx.com, phone: 201-944-7000 or visit the company’s Web site at www.londonamericannj.com /a>.
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