Big "I" Professional Liability program evolves to meet the changing needs of independent insurance agencies.
We've made recent policy enhancement in the areas of subpoena, regulatory defense, claim definition, loss of earnings and insolvency exclusions.
Please note that some coverage features may not apply to all policyholders. If you have questions, or would like to obtain a copy of the exact policy language, please contact Marie Toney, 800-221-7917 x5427.
Subpoena- Removed $10,000 cap per policy period. We will pay expenses until a Claim is made against the Insured
- Payments made under this provision are now in addition to the Limit of Liability
Regulatory Defense- Increased coverage to $100,000 from $60,000 per policy period
- Payments made under this provision are now in addition to the Limit of Liability
Claim DefinitionRemoved reference to subpoena
Loss of EarningsAmount for reimbursement for loss of earnings or temporary staff for attending depositions or trials increased to 1,500 per insured per day/maximum of $75,000 per policy period from $750 per insured per day/maximum of $30,000 per policy period.
Insolvency ExclusionExpanded so does not apply if coverage was placed with an insurance carrier admitted in the state or states of domicile of the subject risk and rated A or higher by Demotech
NOTE: The Liberalization Clause in the current policy provides that the broader terms and conditions offered to all Insureds will apply to all policies in force as of the date the new endorsement is approved in your state. No additional premium charge will apply.
This summary is for illustrative purposes only and is not a contract of insurance. It is intended to provide a general overview of the policy enhancements and changes. A specimen copy of the entire policy and endorsements are available upon request. Only the insurance policy can give the actual terms, coverage, conditions and exclusions. Policy availability and coverage are subject to state regulatory approval. All policies are individually underwritten and subject to the underwriting guidelines of Westport Insurance Corporation, Overland Park, Kansas, a member of Swiss Re Corporate Solutions.
The information contained herein is intended for use by the Swiss Re Corporate Solutions' IIABA State Association Insurance Agencies and the reproduction and/or dissemination thereof is strictly prohibited without the express written consent of Swiss Re Corporate Solutions.