Business Risk Partners Partners With Aspen on Agents Professional Liability Coverage
published | Insurance Journal
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.
The policy targets a range of insurance agents and brokers – including agents for life/health, property and casualty, wholesalers, consultants and MGA/program administrators – with $10 million in capacity for primary or excess placements with no minimum revenue threshold.
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.
BRP has been in the insurance agents’ professional liability space for more than a decade. According to Bruce Eisler, Aspen’s executive vice president and global head of professional & management liability, said the insurance agents segment was a previously untapped market for the company.
Founded in 2000, Business Risk Partners (BRP) is a specialty insurance underwriter and program administrator offers a variety of professional liability, management liability, data breach/privacy and hybridized specialty products to agents and brokers serving middle market customers nationwide.