Program administrator Business Risk Partners (BRP) has launched a new insurance agents and brokers professional liability form through Liberty International Underwriters (LIU), a division of Liberty Mutual Insurance. It’s the first major policy upgrade since 2008, when BRP and LIU first teamed up to offer E&O to insurance agents and brokers, including agents for life/health, property and casualty, wholesalers, consultants, and MGA/program administrators.
The new form includes a broad definition of professional services, built-in defense coverage for administrative proceedings and investigations along with often-requested coverage enhancements that include privacy & data breach and insolvency protections in the event a client’s carrier is not financially viable.
The new policy form is available on an admitted basis in 37 states, now including Florida, South Carolina, Mississippi, Arkansas, and Idaho. BRP and LIU offer $10 million in capacity for primary or excess placements.
“Recent trends — such as case law redefining the standard of care for agents and brokers, crippling data breaches becoming a daily occurrence in American business, and rapid changes in carriers’ financial position — are making it more important than ever for agents and brokers to have comprehensive coverage,” said Lisa Doherty, president and co-founder of BRP.
In addition to E&O and privacy & data breach, BRP offers D&O, EPLI, and fidelity coverages underwritten by LIU that can be customized to an agency’s needs.
Topics Mergers & Acquisitions Cyber Agencies Commercial Lines Business Insurance New Markets Professional Liability
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