Rockwood, Hannover Offer Wholesaler, MGA E&O Product

Hannover Re subsidiary International Insurance Company of Hannover Limited (Inter-Hannover) has named Rockwood Programs Inc. to serve as the administrator of an errors and omissions product specifically designed to address the liability exposures faced by managing general agencies (MGAs), program administrators, and large wholesale operations. This insurance coverage will be marketed under the name of the Rockwood Defender.

Inter-Hannover has delegated full underwriting authorities to its program administrator. Claims administration will be handled by Wilson Elser – a New York-based law firm with extensive insurance agent E&O-related litigation experience.

“The Rockwood Defender represents a unique partnership joining a committed insurance carrier, experienced claims administrator, and program manager”, says Glenn Clark, president of Rockwood. “Inter-Hannover has provided a product with a competitive rate structure and one of the most comprehensive policy forms in the industry.”

The Rockwood Defender product offers limits of up to $5 million per claim and a $5 million aggregate. Coverage is written on a claims-made and reported basis. The policy includes carrier insolvency and punitive damages (where insurable) and can be endorsed to include supplemental defense limits and first dollar defense. Inter-Hannover is rated “A-“(Superior) by A.M. Best.

Source: Rockwood Programs, www.rockwoodinsurance.com