Swiss Re's commercial insurance offers insurance agency umbrella E&O coverage throughout the United States
12 August 2008, New York
Swiss Re's Commercial Insurance group today announced the introduction of Errors and Omissions (E&O) agency umbrella coverage in all 50 states and the District of Columbia. The insurance policy offering was developed in conjunction with the Independent Insurance Agents & Brokers of America (The Big "I") to meet the needs of the insurance agent marketplace. The coverage is expected to be available country wide contingent on filing approval from each department of insurance.
The Agency Umbrella policy from Swiss Re offers broad coverage over primary lines, including professional liability, with a maximum limit of up to USD 10 million. The programme is underwritten by Westport Insurance Corporation (a member of the Swiss Re Group). Westport is rated "A+" by A.M. Best and has a 34-year history of underwriting professional liability. Swiss Re can write the umbrella over their own E&O coverage, or most other carrier's primary E&O coverage (except in California).
"The Agency Umbrella E&O policy offered by Swiss Re allows agents to protect themselves with an umbrella coverage without excluding their errors and omissions exposure." said Sabrena Sally, Senior Vice President and Underwriting Leader for Swiss Re's Commercial Insurance.
The Swiss Re E&O policies can provide excess coverage over primary E&O, commercial auto, comprehensive general liability and employers liability coverages. That means for Swiss Re primary policyholders, the policies can be packaged together to provide up to USD 20 million in E&O protection. An extended reporting period of up to 10 years is available, depending on the primary E&O carrier.
"This coverage was designed to meet the needs of independent agents," said Ronnie Tubertini, Chairman of the Big 'I''s Professional Liability Committee. "We endorse this product, backed by Swiss Re's long history of providing excess coverage for a variety of business and professional needs."
Interested agents should contact their state E&O administrator for details on coverage available in their state.
Notes to editors
Swiss Reinsurance Company Ltd
Swiss Re is a leading and highly diversified global reinsurer. The company operates through offices in more than 25 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company's traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated "AA-" by Standard, Poor's, "Aa2" by Moody's and "A+" by A.M. Best.
Swiss Re's Commercial insurance
Swiss Re's Commercial Insurance protects insureds with specialized needs in niche markets in the U.S. and Canada. Products include property and casualty insurance, professional liability insurance, excess medical expense and risk management services. Swiss Re's Commercial Insurance has served the primary insurance community since 1908 and is committed to providing service, creative solutions and security for its clients.
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