Rockwood Expands Agents’ E&O Coverage

Rockwood Programs Inc. has expanded its life, accident and health insurance agent’s E&O product offering to include two new endorsements. One enhancement expands coverage to include incidental property and casualty activity; the other provides E&O for the placement of financial products. These new endorsements will be available nationwide on Jan. 1, 2008.

The P/C endorsement covers the policyholder for placement of several types of P/C-related products, including personal automobile, homeowners, and business owner policies. Agents who derive less than 20 percent of their total annual revenues from P/C-related activities are eligible. Other restrictions may apply.

The other endorsement that is now available expands E&O protection to include certain types of financial products. Most of the financial instruments requiring a Series 6 license to place – such as mutual funds and variable annuities – are eligible.

The product includes a broad coverage form, competitive rate structure, and a Web-enabled application process. Up to $25,000 in identity theft protection is added for each account written at no cost to the insured. Unique coverage and rating accommodations for sponsored/group programs are available.

Limits of up to $1 million per claim and $2 million in the aggregate are available. There are several different deductible options as well. Both programs are placed through Certain Underwriters at Lloyds.

Source: Rockwood, www.rockwoodinsurance.com