Professional Liability - P&C Insurance Agents
We are the largest writer of retail insurance agents’ Professional Liability coverage in the United States. Coverage is available in all states and the District of Columbia.
The program is tailored for insurance agencies with primary income from P&C lines, where the agency has operated at least three years under the same ownership or has owners with prior management experience. MGA or broker operations do not fall within our preferred classes of business.
Coverage highlights
- Broad coverage for professional services as insurance agent and any independent contractor thereof while acting within the scope of such duties; covers P&C, Life and A&H placement
- Extensions of coverage for various typical agency exposures are available, including employment practices liability, mutual funds and financial products placement, premium financing and expert witness, with extended reporting periods from 3 to 10 years
- Claims-made form, tracking the retro date on the prior policy if there has been no lapse in coverage
- Limits from USD 1,000,000/1,000,000 up to USD 10 million/15 million, provided on an each claim/aggregate basis
- Defense costs fall outside the limit of liability
- Deductible options: USD2,500, USD 5,000, USD 10,000, USD 15,000 or USD 25,000 and higher. Deductible has a per claim limit with no aggregate limitation
- Deductible applicable to either loss payments only or to both loss payments and claim expense
Loss control services
Loss control services are available to policyholders. Such services include, but are not limited to:
- Loss runs identifying causes of loss and line of business involved in the loss
- Prior claim history review with recommendations made to prevent future similar claims
- Loss control seminars
- Audits of agency operations and procedures
- Consultation with loss control staff to address specific agency questions.
Costs of services vary.
Claims services
An experienced and professional claims staff, the majority of which are attorneys, are dedicated to this and related E&O lines. Local panel counsel is used as needed for local jurisdictional needs.
All coverages and features are subject to underwriting review.
