Nuts & Bolts: Target Insurance Services and Lloyd’s of London have entered into a new program partnership to provide insurance agents professional liability insurance. It will be offered to property and casualty agents and brokers with at least $1 million in annual written premium. As an added benefit to the insured, Target will offer supplemental employment practices liability coverage to agencies with up to 15 employees. Target Insurance Services will have underwriting, quoting, binding and policy issuance authority on behalf of Lloyd’s. The program will be offered in selected states on an excess and surplus lines basis. Optional employment practices liability insurance will be offered on a claims made and reported policy. Coverage protects insurance agents and brokers against legal defense expenses and damages resulting from wrongful employment practices including discrimination, sexual harassment, wrongful termination and other related workplace issues.
Dollars: Maximum limits of liability available are $1 million per claim and $2 million aggregate. The program provides comprehensive worldwide coverage to a market segment lagging in coverage venues. The availability of errors and omissions coverage for insurance.
Contact: Valerie McDonald, Chief Underwriting Off, (888) 888-1613×244, vmcdonald@target-capital.com
Topics Agencies Professional Liability
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