Business Risk Partners updates professional liability form for brokersReprints
Business Risk Partners Inc. has launched a new insurance agents and brokers professional liability form through Liberty International Underwriters, a unit of Liberty Mutual Holding Co. Inc.
The form is first major policy upgrade since 2008, when Windsor, Conn.-based Business Risk Partners and LIU first collaborated to offer errors and omissions policies to a wide range of insurance agents and brokers, the program administrator said in a statement Tuesday.
The form includes an errors and omissions policy that offers a broad definition of professional services and built-in defense coverage for administrative proceedings and investigations. It also has coverage enhancements that include privacy and data breach and insolvency protections, according to the statement.
The policy form is available on an admitted basis in 37 states. Business Risk Partners and LIU offer $10 million in capacity for primary or excess placements, BRP said in the statement.
“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,” Lisa Doherty, president and co-founder of Business Risk Partners, said in the statement