Retail Agents & Brokers, Managing General Agencies, Life & Health, and wholesale brokers require insurance protection again their errors and omissions arising out of the services they provide. This segment of the professional E&O insurance has recent become extremely ‘hard’. Many of the traditional insurance companies offering this unique insurance has left the market due to claims frequency and large losses. It is anticipated that as it becomes harder to meet insurance buyers expectations the litigation arising out of insurance professionals’ services will result in litigation.

Executive Perils has the market relationships and expertise to assist our clients (agents and brokers) in securing this valuable protection.

The two primary segments we most often broker are property/casualty agents/brokers and life/health/benefits agents/brokers.

The most frequent insurance brokers professional liability claim is for failure to place coverage or failure to place adequate coverage. Usually the problem(s) occurs when the insurance company declines an insured’s claim. Statistics show that nationally 1 out of 9 insurance professional organizations will face an E&O claim. The more sosphicated the insurance placed-the larger the E&O claim.

Often, a claim or lawsuit may not involve a clear error or omission. For example, a client may not be happy with the result of a claim filed with an insurer and therefore brings a claim to obtain additional compensation. For an insurance broker, these types of claims can be just as difficult and expensive to defend as a clear-cut error. Insurance typically pays for the cost of defending this type of claim as if it were a clear-cut error on the part of the insured consultant.

• Coverage is available for all size and types of insurance agencies Life/Group
• Specialty Lines Coverage for insurance brokers professional liability is provided on a claims-made basis.
• Limits and deductibles vary with the size and type of insured.
• Standard limits for most small to medium sized organizations start at $1.0 million.