WINDSOR, Conn.--(BUSINESS WIRE)--
Program administrator Business Risk Partners (BRP) announced today a new insurance agents and brokers professional liability form through Liberty International Underwriters (LIU), a division of Liberty Mutual Insurance. It’s the first major policy upgrade since 2008, when BRP and LIU first teamed up to offer E&O to a wide range of insurance agents and brokers, including agents for life/health, property and casualty, wholesalers, consultants, and MGA/program administrators.
Starting with a robust E&O policy that offers a broad definition of professional services, the new form includes built-in defense coverage for administrative proceedings and investigations along with often-requested coverage enhancements that include Privacy & Data Breach and insolvency protections in the event a client’s carrier is not financially viable.
The new policy form is available on an admitted basis in 37 states, now including Florida, South Carolina, Mississippi, Arkansas, and Idaho. BRP and LIU offer $10 million in capacity for primary or excess placements.
“Recent trends — such as case law redefining the standard of care for agents and brokers, crippling data breaches becoming a daily occurrence in American business, and rapid changes in carriers’ financial position — are making it more important than ever for agents and brokers to have comprehensive coverage,” said Lisa Doherty, president and co-founder of BRP.
In addition to E&O and Privacy & Data Breach, BRP offers D&O, EPLI, and Fidelity coverages underwritten by LIU that can be customized to an agency’s needs.
“Having management and professional liability coverages with one carrier, with the financial strength and reputation of Liberty Mutual Insurance, ensures a coordinated approach to a claim that might trigger several coverages,” added Doherty.
“Our relationship with BRP continues to expand, allowing us to provide complete professional and management liability insurance solutions. The updated agents and brokers form as well as the other available coverages ― D&O, EPLI, Fidelity, and Privacy & Data Breach ― make LIU one of the few carriers to offer broad coverage across multiple product lines to professionals and corporations,” noted Carl Pursiano, senior vice president and chief underwriting officer of US Specialty Casualty at LIU.
About Business Risk Partners
Founded in 2000, BRP is a managing general underwriter in specialty insurance. Partnering with top global carriers and using proprietary technology, BRP efficiently brings complex professional and management liability solutions to agents and brokers serving middle-market customers nationwide. The company is privately held and based in Windsor, Conn. For more information, visit www.businessriskpartners.com.
About Liberty Mutual Insurance
“Helping people live safer, more secure lives” since 1912, Boston-based Liberty Mutual Insurance is a diversified global insurer and the third largest property and casualty insurer in the U.S., based on 2012 direct premiums written, as reported by the National Association of Insurance Commissioners.
Liberty Mutual Insurance also ranks 81st on the Fortune 100 list of largest corporations in the U.S., based on 2012 revenue. As of December 31, 2013, Liberty Mutual Insurance had $121.2 billion in consolidated assets, $102.2 billion in consolidated liabilities and $38.5 billion in annual consolidated revenue.
Liberty Mutual Insurance offers a wide range of insurance products and services, including personal automobile, homeowners, workers’ compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance and surety. Liberty Mutual Insurance (www.libertymutualinsurance.com) employs over 50,000 people in more than 900 offices throughout the world.
LIU is part of the global specialty lines division of Liberty Mutual Insurance (www.LIU-USA.com).
Liberty International Underwriters is the marketing name for the broker-distributed specialty lines business operations of Liberty Mutual Insurance. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds. This literature is a summary only and does not include all terms, conditions, or exclusions of the coverage described. Please refer to the actual policy issued for complete details of coverage and exclusions.
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