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Member, Beacon International Group, Ltd.
OVERLAND PARK, Kan.--Swiss Re's Commercial Insurance and the Independent Insurance Agents of America have entered into a five-year agreement under which Swiss Re will remain the endorsed errors and omissions insurer of the Big I.
Under the agreement, Swiss Re's Commercial Insurance will continue to offer coverage terms and loss control credits that are exclusive to members of IIABA.
Policies are underwritten by Overland Park, Kan.-based Westport Insurance Corp., a Swiss Re unit, and are backed by Swiss Re's financial strength and rating.
Swiss Re and the Big I had earlier announced the launch of a program providing nonadmitted E&O coverage for IIABA members.
The nonadmitted product is designed for agencies with unique operations and special needs requiring customized coverage. Policies issued under the nonadmitted program are underwritten by the same team at Swiss Re that handles the admitted Big I program.
Coverage in the nonadmitted program is written by Swiss Re unit First Specialty Insurance Corp., with policies written on a claims-made basis.
Limits of up to $5 million per claim with a $10 million aggregate are available, with deductibles starting as low as $5,000.