Professional liability insurance (E&O, D&O, EPL, Cyber) does not operate quite the same way as other lines of coverage. Part of this is driven by the use of claims-made insurance forms, and part is based on the services, exposures and legal basis for claims. Some tips from Curtis Pearsall on working with professional liability insurance (here):
- A new application is required every year
- Underwriters need time
- Accounts change, exposures change
- The client should complete and sign the app – it is their representation
- Ensure the scope of services actually covers everything the client does
- Review the policy – they are not all the same
We would add:
- Do not use ACORD apps – professional liability apps are required
- Get familiar with claims-made policy forms
- Do not expect ACORD policy forms – very few carriers use them
- Get familiar with the specialty lines insurance business
Additionally, work with an expert. Exposures, coverages and underwriting appetite are not all the same, so it is important to work closely with someone who understands these in order to get an optimal solution for the customer.
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). We excel at hard to place accounts. Review our expectations here.