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"Specialty Insurance Blog" - 5 new articles

  1. Program Managers Need to Be Licensed
  2. Side A D&O Insurance
  3. Architects/Engineers E&O Insurance Market
  4. Consent to Settle Provisions in E&O Insurance Policies
  5. Specialization & Specialty Insurance Products
  6. More Recent Articles
  7. Search Specialty Insurance Blog
  8. Prior Mailing Archive

Program Managers Need to Be Licensed

A recent bulletin from the Excess Lines Association of NY (ELANY) notes that a program manager underwriting on behalf of an excess lines insurer must be licensed as an excess lines broker. Program manager also means cover holder, managing general agent or program administrator. Of note – the bulletin also notes: Excess line brokers owe their duty to the insured not the insurer under New York law. Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability insurance (E&O, D&O, EPL, Cyber). Specialty Insurance Expertise: Tennant Risk Services Supporting Insurance Entrepreneurship: Tennant Capital Partners
     


Side A D&O Insurance

D&O insurance (Directors & Officers) policy forms have evolved dramatically over the last decade or so, and now typically include a variety of coverage extensions. For private companies and non-profit entities EPL is an obvious example – something we take for granted today. Entity coverage is another example, and one that is not always helpful. In certain extreme situations entity coverage can deplete limits rapidly, leaving no coverage for individual directors and officers. Side A D&O insurance coverage, also called Side A Excess or Side A DIC, has become a mainstream insurance product ensuring that the private assets of the directors and officers are protected in the event that the organization’s D&O insurance policy is not available. Bankruptcy is an...
     

Architects/Engineers E&O Insurance Market

Like many professional liability (E&O) segments, rate increases and tightening underwriting are slowing in the Architects/Engineers E&O Insurance market. An improving economy, and the improving construction market in particular, are driving growth in the sector and associated growth in premiums. A recent survey by Ames & Gough (see here) confirms this moderating trend. The survey of 14 insurers indicates that 9 insurers plan to raise rates this year, and the other 5 plan to keep rates flat. Of the insurers planning to increase rates this year, 7 plan to increase rates 5% or less. Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the...
     


Consent to Settle Provisions in E&O Insurance Policies

The consent to settle provision, or hammer clause, is prevalent in E&O (errors & omissions or professional liability) insurance policies. And it gets a bad rap. The wording might read as follows: The Insurer’s duty to defend ends if an Insured refuses to consent to a settlement that the Insurer recommends. The Insurer’s liability shall not exceed the amount for which the Insurer could have settled such Claim had such Insured consented, plus Defense Costs incurred prior to the date of such refusal… The wording is written to protect the insurer in the event of a bad outcome while giving the insured a voice in the claim settlement process. The practical effect is more important. As pointed out by Curt...
     

Specialization & Specialty Insurance Products

Insurance agency sales of specialty lines insurance products can drive growth, as a recent article in PropertyCasualty 360 points out. Titled Agency Growth Through Specialty Markets: Three Examples (see here), the article points to three examples of agencies that have driven growth by focusing on specialty lines insurance products. The specialty areas noted include: Public Schools Religious Institutions Home Healthcare We have commented on the value of specialization (see here, here and here). And the specialty lines insurance market provides opportunities not available in other areas. Our own organization follows this approach, with a focus on professional liability insurance (E&O, D&O, EPL, Cyber). Tennant Risk Services is a specialty E&S wholesale broker and underwriting manager, and delivers expertise, markets and...
     


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