Program administrator Business Risk Partners (BRP) announced today a new and significantly expanded professional liability form for insurance agents and brokers through Aspen American Insurance Company, part of Aspen Insurance Holdings Limited.
BRP’s deep experience in this market segment and excellent service standards coupled with Aspen’s expertise, resources and proven claims handling ability – backed by an A.M. Best AXV rating – is a powerful combination in the insurance agents’ professional liability marketplace.
“Our partnership with the Aspen team is a logical next step. We know how talented they are from a history of first working with veteran members of the team nearly a decade ago,” said Lisa Doherty, BRP’s CEO and president.
Bruce Eisler, Aspen’s executive vice president and global head of professional & management liability, said: “We saw this opportunity with BRP as a way to extend our expertise in professional liability, claims resolution and service to insurance agents, a previously untapped market for us. After listening to what Lisa and her team required, we were able to deliver a creative and custom solution that both enhances BRP’s product offerings and our long-term partnership.”
Targeting a wide range of insurance agents and brokers – including agents for life/health, property and casualty, wholesalers, consultants and MGA/program administrators – the policy offers $10 million in capacity for primary or excess placements with no minimum revenue threshold.
As an established leader in the insurance agents’ professional liability space for more than a decade, BRP knows first-hand the exposures insurance agents face and has created a state of the art policy to fully address them.
Significant enhancements to the form include:
- Built-in cyber extension coverage with $150,000 of limit.
- Deductible reduction coverage, up to 50 percent on each claim.
- Broad definition of professional services, including claims handling, risk management, third party administrator, COBRA administrator and coverage for web-based content.
- Broadened insolvency coverage.
- Increased coverage for administrative proceedings, subpoena inquiry and court attendance costs.
The program is currently admitted in 41 states and has been filed in all 50.
For more information, contact Karen Lombardo, 860-903-0032, firstname.lastname@example.org.