| The professional liability marketplace is ever-changing. Carriers enter and exit the marketplace, change rates, and shift their underwriting appetites and priorities. Inflation, reinsurance capacity and carrier financial strength also factor into an Errors & Omission (E&O) carrier's consistency.
Typically, the longer a carrier has been in the professional liability marketplace, the more stable it is when it comes to rates, coverage and deductible requirements. With longevity, a carrier can utilize its experience to properly price and underwrite the line of business to maintain profitability. As a result, the insured will experience fewer changes.
Longevity also impacts a carrier's ability to effectively handle claims. Carriers long active in agency E&O business have established strong relationships with their panel counsel to advise on the potential defense of a claim. Experienced claims adjusters are well-versed in handling insurance agents' professional liability claims, which typically will result in a more favorable outcome for the insured.
Many carriers offer a deductible waiver or reduction after they have been continuously insured with a carrier and loss-free during that time. However, it isn't uncommon for a carrier to enter and then exit the marketplace within two-to-four years. In these situations, the insured would never reap the benefit of this coverage enhancement. Without longevity in the marketplace, the deductible waiver features could be meaningless.
Big "I" Professional Liability-endorsed provider Swiss Re Corporate Solutions checks all the stability boxes.
- Consistency in coverage
- Stable rates
- Flexible deductible options
- Best-in-class claim service - Many Swiss Re adjuster are attorneys and can balance effective counsel recommendations with their own experience in E&O claims
Placing your professional liability coverage with a carrier with longevity in the agency E&O liability marketplace will benefit your agency in many ways. Stability, claims handling expertise, taking advantage of deductible waiver features and solid risk management tools are just a few of the reasons why you should consider a carrier that has been a player in the agency professional liability arena for many years. We invite you to contact your Big "I" state association program manager to receive a proposal and be part of the largest, most stable agency E&O program in the country. Amanda Juratovic is assistant vice president of errors & omissions operations for the Big “I" Professional Liability Program. Learn more at independentagent.com/EO.
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