RPS offers E&O coverage for agents and brokers

Risk Placement Services Inc. has launched a professional liability program for agents and brokers underwritten by ISMIE Indemnity Co., a subsidiary of ISMIE Mutual Insurance Co.

The program provides errors and omissions coverage for small to mid-sized insurance agencies, wholesalers and managing general agents, offering limits of $500,000 to $5 million.

First-dollar defense coverage, unlimited tail coverage and a modified coinsurance hammer clause of up to 80/20 are available under the program, the Rolling Meadows, Illinois-based wholesale broking and managing general agent unit of Arthur J. Gallagher & Co. said in a statement Friday.

“Insurance agents and brokers E&O coverage is a key contributor to the longevity of an agency,” Adrienne Woodhull, area president of RPS, said in the statement.