your agency is insured for E&O insured through Swiss Re/Westport, you
likely already know that you’re insured with the top dog carrier for insurance
agent’s professional liability around . . . rated A+ by AM Best I might add!
Well, effective September 1, 2016 this policy form gets
even better! Before I read the entire
policy myself and give it the ‘ole dissection, I would like to give you a few snippets
of some of the changes in store:
1st party breach of personal data
coverage limits are being increased from $10,000 per incident to $25,000 per
incident with a $25,000 per policy period aggregate. This coverage is featured automatically on all
Westport E&O policyholders through the Big “I” Risk Purchasing Group (RPG)
at no charge!
Two of my favorite changes are the elimination of the
insured versus insured coverage extension (which previously cost an additional
$250 premium) and the improved deductible reduction feature:
Because of a policy language modification, it
is no longer necessary to purchase an insured versus insured coverage extension
listing entities that have a 10% or greater ownership interest in the
agency. In fact, that endorsement has
been eliminated altogether, but coverage will still extend to insurance written
on said entities.
Also, the current policy form features a
deductible reduction clause, which states (in essence) that if the insured
generates and maintains contemporaneous written documentation of the refusal by
any customer or rejection of limits offered, that the deductible could be
waived by 50%. The new policy form
increases this waiver to 100%!
There are other changes on the new form (including some new
optional coverages); however, until I learn more, the above changes are the
ones that I’m most comfortable sharing at this time.
With the new form, all policies will be rewritten beginning
with the September 2016 renewals; however, please note that the liberalization
clause in your current policy will extend these coverage/limit enhancements to
you before your policy is rewritten at your renewal date.
Thank you so much for your business! I love working with each and every one of you
and feel enormously blessed to serve in such a rewarding profession. If you have any questions, please know that
you’re welcome to call or email me anytime.
I love hearing from you and particularly enjoy those challenging
Take care and have a lovely rest of July!