Insurance Agents Professional Liability protects the insured (insurance agent, insurance broker, insurance consultant, managing general agent and/or notary public) in the event of claims alleging negligent acts, errors or omissions.
Why Purchase a Professional Liability policy?
Insurance agents and brokers are uniquely exposed to both claims frequency and claims severity
Claims against insurance agents are on the rise due to the difficulty in obtaining some coverages in the hard insurance market
Reduction in capacity due to the hard market exposes insurance agents to claims for inadequate coverage
Terrorism and other catastrophic exposures present new and unforeseen challenges for today’s insurance agents and brokers
Insurance agents and brokers are being held to a higher standard of care than ever before
Enhancements
For property/casualty insurance agents and brokers, claims-made form features:
An expanded definition of “insured”
Defense costs covered from first dollar, and paid in addition to the limits of liability
Coverage for disciplinary proceedings under a separate limit of liability
Coverage for professional services rendered via the Internet
Coverage extended to disciplinary proceedings
Coverage for services related to mutual funds, variable life and annuities
Consent of settlement provision
Per claim or/and aggregate limits and deductibles—of up to three times Numerous other specialized endorsements enhance coverage for specific classes
