Thursday, February 2, 2012

Winning - Adding and Amending Coverage

The anniversary of the 1980 USA v Russia Olympic Hockey win is February 25th. This photo is from the post game celebration when the USA defeated Russia to advance to the gold medal game. Russia's team was expected to win, and the USA victory was punctuated by Al Michael's television call "Do You Believe In Miracles?!"

There's no doubt that it's a still a tough market, and "winning" is not easy, but it's still a great time to write E&O and Professional liability insurance.

Rates are still very competitive, and while it's possible that rates will increase at some point, right now there are numerous markets that are still aggressively seeking business.

Keep in mind it's not just rates that will help you write new business and retain renewals. Carriers are still revising their policy forms, usually to broaden coverage. If a carrier has not recently revised their wording, there's a good chance that they have one or more endorsements that will amend/improve coverage in certain key areas.

The most recent example I can offer is a submission for an engineering firm. This particular client was aware of a situation one of his competitor's experienced, where there was a need for defense for an issue that was brought by a regulatory authority. That engineer had to hire an attorney and the process cost the engineering firm nearly six figures.

Several of our carriers offered this coverage at varying sub-limits, but our best pricing originally didn't include the coverage. We were able to negotiate that coverage into the policy at a sub-limit of $25,000 per incident, $50,000 per policy period, and the deductible does not apply. The policy and the negotiated coverage helped our client win the account.

I'll give some other examples of coverage options in future posts, but if you have questions about what might be available for your client please call or email. We'll do all we can to help you win on your next opportunity.

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