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CHEVY CHASE, Md.Victor O. Schinnerer & Co. Inc. is offering a new insurance agents and brokers errors and omissions program.
The program targets small to midsize property/casualty agents and brokers, and can accommodate agencies with up to $25 million in annual premium volume. Agencies best suited for the program handle personal lines and small commercial business.
Eligible agencies must generate at least 60% of their revenue from the placement of property and casualty business and are those with up to 35% of specialty or surplus lines premium. Agencies with life, accident and health business may be written, provided that premium volume does not exceed 40%. Wholesalers are not eligible.
General Star Management Co. will write the program. The claims-made policy is written on an admitted basis and provides worldwide coverage for suits brought in the United States and Canada. Deductible options start at $2,500 per claim/$7,500 aggregate with limits up to $2 million. Prior acts and insolvency coveragesfor placements with carriers rated B+ or better by A.M. Best Co. Inc.are available for qualified risks. Other options include defense outside the limits of liability and coverage for the sale of mutual funds.
This program is available on a limited basis in the following states: Illinois, Michigan, Missouri, New Jersey, Pennsylvania and Tennessee. Approval is pending in: Connecticut, Indiana, Maryland, Massachusetts, New York, Ohio and Virginia.
For more information on agents and brokers E&O insurance, go to www.schinnerer.com.