PLEASANTON, CA, Dec. 19, 2016 - Independent insurance agents and brokers in California now have access to the latest errors & omissions (E&) coverage and pricing through a new program arrangement between Allianz Global Corporate & Specialty (AGSC), IIABCal and Cooper & McCloskey, Inc. (CMI).
With more than 125 years of experience, Allianz is an industry leader in providing E&O liability coverage for independent insurance agents and brokers,” said Clark Payan, IIABCal Chief Executive Officer and President of IIABCal’s for-profit subsidiary, the Independent Insurance Producer Service Corp. “Allianz is one of the largest E&O carriers, and we're proud to offer this highly competitive product to independent agents and brokers throughout California.
“In addition to the underwriting and financial power of Allianz, IIABCal is also excited to be partnered with the professional liability experts at CMI to provide agents and brokers with the choices and resources they need to manage their E&O insurance,” Payan said. “CMI has extensive knowledge and experience dealing with the California liability marketplace and can tailor coverage specifically designed for any insurance agency.
"Together with with Allianz and CMI, IIABCal is a valuable resource for competitive E&O coverage and professional consulting," Payan said.
E&O coverage highlights include:
State of the art coverage form, exclusive to IIABCal members
$50,000 first party personal data compromise breach response for the accidental loss of client data, with optional higher limits available
First-claim deductible is waived if you have been insured and claims-free with Allianz for five or more years
80/20 consent to settle clause
True worldwide territory coverage
Insolvency coverage for all carriers with B+ or better A.M. Best rating
90-day notice of merger or acquisition
$10,000/$30,000 catastrophe claims extra expense included at no additional premium
$35,000 regulatory investigation defense expense coverage per policy period
60 days after expiration to report claims and purchase extended reporting provision
$500 per day supplementary payments for expenses incurred in aiding the defense of a claim
Aggregate deductible applies
Claims made policy form
Defense outside the limit
Broad definition of who is an insured, including spousal or domestic partner liability
Limits of liability available to $10 million
“Risk management resources through the Allianz E&O program keep agencies from making common, preventable mistakes,” Payan said. "And with its superior coverage and claims expertise Allianz comes through in any event."
For more information, click here. For a free policy review, contact Mike Orrick at 916-865-8111 or email at firstname.lastname@example.org.