Swiss Re Unveils E&O Agency Umbrella Coverage

Swiss Re's Commercial Insurance group 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 (www.swissre.com) offers broad coverage over primary lines, including professional liability, with a maximum limit of up to USD 10 million. The programme, underwritten by Westport Insurance Corporation (a member of the Swiss Re Group), 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).

CNA Upgrades BPL, E&O Coverages

CNA announced enhancements to policy forms for its Bankers’ Professional Liability (BPL) and Insurance Company E&O (Errors & Omissions) Solutions coverages.

The enhanced policies include many of the most up-to-date coverages available in the marketplace including modernized forms, broad Professional Services definitions, and changes to terms and exclusions.

“The new BPL and monoline Insurance Company E&O Solutions policy forms provide a sophisticated professional liability approach to banking institutions and insurance companies,”“Both include contemporary language and updated terms and conditions that have been drafted as stand-alone contracts – all designed to better serve the needs of our Financial Institution brokers and their customers.” said Tom Kocaj, vice president of Underwriting, CNA.

For both coverages CNA offers limits up to $15 million. The BPL is targeted to banks with $1 billion or more in assets; while Insurance Company E&O Solutions is targeted to all insurance companies other than managed care providers and title insurance companies.

For additional information, call your local agent or visit the Professional Liability - Errors and Omissions page found in the Our Products section of www.cnapro.com.