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In today's litigious environment, insurance companies can ill afford to hedge their bets by self-insuring their Errors and Omissions exposure or relying on reinsurance coverage to provide security from bad faith litigation. As defense costs and damage awards continue to increase in frequency and severity, it is the company’s duty to protect its policyholders from financially catastrophic judgments.
Benefits of Insuring
- Protection of the insurance company’s financial assets from Bad Faith judgments
- Defense and investigation are handled by experienced claims staff and counsel who specialize in Bad Faith litigation, saving insurance companies time, money and resources
- Extensive loss prevention, best practices information and advice
Coverage Features of Insurance Company Professional Liability
- Specialized coverage is broadened for Mutual Insurance Companies
- Coverage for Errors and Omissions in rendering of Professional Services, including
- Underwriting
- Data Processing
- Insurance Education Seminars
- Termination of Agents
- Employed Agent Exposures
- Investigation, defense and settlement costs
- Coverage for Punitive Damages (where allowed by law)
- Prior Acts coverage available (subject to underwriting)
- No Mold exclusion
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