E&O COVERAGE: WESTPORT (SWISS RE)
Exclusive membership credits apply to premium
For 25 years, the Big "I" Professional Liability Program underwritten by Westport Insurance Corporation, a member of the Swiss Re Group (rated A+ Superior by A.M. Best), has been the premiere choice of IIABA member agents for insurance agents and brokers E&O insurance.
The Big “I” Professional Liability Program offers not just a policy, but a comprehensive program for insurance agents. Over the past two decades the Big “I” Professional Liability Program, underwritten by Westport Insurance, has grown into the largest and most stable insurance agents E&O program in the nation. Our member agents and brokers nationwide look to the program for stable rates and a long-term market that they can rely on to protect their greatest assets—their businesses.
Trust Our Strength
We realize that protecting the future of your agency is a major priority. You trust us to represent your interests at the highest political level and as your association we also want to provide you with the security of knowing you are getting the best overall E&O value in the marketplace—not just a policy, but a comprehensive program
Coverage Highlights and Benefits: Westport (Swiss Re)
Coverage Highlights: Working with our partners at Westport, we have created one of the strongest coverage forms in the marketplace. Structured using a modular approach, our policy provides solid core coverage as well as coverage units to insure against other exposures of concern. Review our policy form and you will see these are just a few of the coverage benefits of the Westport policy:
• Coverage for the sale of both P/C and Life and Health insurance products
• Limits of liability up to $15 million
• Broad definition of covered professional services and activities
• Comprehensive definition of who is an insured
• Aggregate deductibles
• Defense cost outside the limits
• Available first dollar defense
• Full prior acts available
• No contractual liability exclusion
Coverage for punitive damages (where available by states)
Multiple extended reporting period options
True worldwide protection
Coverage for advertising, libel and slander
Available coverage units:
*Employment Practices Liability
*Real Estate Agents E&O
• The only P/C insurance agents and brokers E&O program in the marketplace that contributes a percentage of every premium dollar to the funding of important advocacy efforts of the IIABA.
• State associations that serve to assist you should a claim arise.
• An exclusive policy form and premium credits filed on a Risk Purchasing Group basis to give Big "I" members coverage tailored to their needs.
• Competitive pricing supported by a critical mass of premium volume to maintain rate stability.
• A partner in Westport Insurance Corporation, a member of the Swiss Re Group, rated "A+ Superior” by A.M. Best.
• Loss prevention materials to reduce the chance of a claim and improve business processes.
• A Professional Liability Committee of IIABA member agents to oversee and recommend enhancements to the program to meet the ever-changing needs of agents.
Westport (Swiss Re):The Westport policy is designed using a set of general terms and conditions and coverage modules. This allows Westport the flexibility to effectively react to the coverage needs of member agents.
Sample Policy Form:
E&O Coverage Unit
To apply for coverage, complete the Insurance Agents and Brokers Professional Liability application and forward it to the appropriate state association contact, who will contact you once the application has been received. Our application is also posted for your completion and return. The application forms are in an Adobe Acrobat Portable Document Format (PDF) to give your application a professional and clean appearance. Viewing and completing the forms requires the free Adobe Reader program which can be downloaded from www.adobe.com.
Insurance Agents and Brokers Professional Liability application
IMPORTANT NOTE: Unless you have Adobe Acrobat software, you will not be able to save the completed application. When completed immediately print a copy and fax the application to Julie A. Franchini at (505) 243-3367.
These thought-provoking articles discuss potential E&O issues associated with your agency’s operation. Please feel free to share the articles with all your agency's employees.
Agency E&O Related Articles
Sources of E&O Liability Close to Home – There may be E&O claims lurking within the agency related to providing insurance to employees or entities that are partially owned by the agency, or which the principal participates on the board of directors.
Agents' Authority: A Double-Edged Sword – This article looks at the sources of agents' authority and the impact of it on the E&O exposure to the agency.
Claims and E&O: Let Common Sense Be Your Guide – As companies make their claims service more efficient, agents need to balance staying involved in the claims process with avoiding unnecessary E&O exposure.
As seen in “E&O Angle,” a monthly column in Independent Agent magazine.
Good Price, Bad Value – What is your agency's strategy for buying E&O insurance?
Avoid Insurer Insolvency Claims – Monitor carrier ratings to mitigate risk.
Document! Document! Document! – You've heard it before–but do you know what it means?
Change with Care – If you’re thinking about changing your agents E&O carriers, use this checklist.
What if it Happens to You? – Here are some things to think about if you are put in an E&O claims situation.
E&O and Economies of Scale – The recent five-year contract renewal between the Big “I” Professional Liability Program and Westport is important for all agents – here’s why.
Road Map for Claims Prevention– Don’t get overwhelmed – here’s the path toward prevention E&O claims.
Checkmate!– Are you using coverage checklists to work with clients?
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How do I apply for coverage?
• Applications are available on-line. Simply click on your choice to download.
NOTE: You must have Microsoft WORD and Adobe Acrobat to open applications.
• After you have printed, completed and signed the application, mail or fax it to Independent Insurance Agents of New Mexico, 1511 University Blvd. NE, Albuquerque, NM 87102 / Fax: (505) 243-3367.
• NOTE: Applications must be signed and dated by an owner, officer or partner.
For additional information, contact Julie A. Franchini, 505-999-5802