Insurance agents and brokers should prepare for a big agency errors and omissions (E&O) litigation wave to crash their shores in 2021.
Agency E&O claims are a lagging indicator, meaning plaintiffs typically only go after agents and brokers after they exhaust other legal avenues—most often suing insurers—and come up short, according to experts at the 2020 virtual Professional Liability Underwriting Society (PLUS) conference.
Worried about that #HardeningMarket we all keep hearing about? Hear what the #Experts had to say last month at the Professional Liability Underwriting Society conference about the market and what it could mean for you in the future. Featured is one of #BRPs own experts, CEO Lisa Doherty!
Management and Professional Liability lines are experiencing the hardest market I can remember.
Credit is no new kid on the block, but it’s being used today in ways never contemplated by the first banks to peddle plastic to eager consumers. Those once traditional banks have undergone significant transformations and in recent years have been joined by an array of alternative lenders that have markedly altered the face of the financial services sector.
Both traditional and alternative lenders face a host of exposures, particularly in the professional liability arena. From honest mistakes to fraud, embezzlement, and misappropriation, financial services providers are vulnerable to claims and lawsuits that can cost millions and drive smaller firms out of business.
That’s the bad news. The good news is that resources exist that can deliver a broad array of coverages for financial services providers. One such resource is managing general underwriter Business Risk Partners (BRP), which recently brought on Vincent Cisternino to head its financial services practice.
Cisternino identifies three key trends that are transforming the space and explains how those trends are creating new professional liability exposures.
Program administrator Business Risk Partners (BRP) has released an expanded professional liability form for insurance agents and brokers through Aspen American Insurance Co., part of Aspen Insurance Holdings Limited.
Business Risk Partners (BRP) has expanded into the financial services sector with the addition of two specialty insurance coverages: miscellaneous professional liability insurance for a broad range of lenders, advisors and financial entities, as well as a comprehensive policy for registered investment advisors.
