Loss Control Credits: Swiss Re

Policyholders in our Swiss Re admitted program have three ways to receive premium credits: by taking E&O loss control classes through FAIA, through an agency risk management audit, and by completing a website audit.

Loss-Control Credit

When you take eligible E&O classes through FAIA Education and complete certain risk management items, you qualify for up to a 20 percent loss control credit on your Swiss Re admitted policy. Class attendance is required each year to maintain the credit, and a copy of the Loss Control Certificate is required with your renewal application. 

Once an agency has completed the E&O loss control/risk management courses based on the below attendee requirements (for the initial 10 percent discount on the E&O premium), the agency can qualify for additional credits up to a potential 20 percent total discount:

• Earn Five percent by: Having half (50 percent) or more of the agency staff complete the loss control/risk management courses.
• Earn Five percent by: Completing an agency website improvement review by a Swiss Re-approved auditor.

If all three risk management items are completed, the agency can earn up to 20 percent in credits.

Attendance Requirements for E&O Loss Control Credit

Website Audit

A standalone website audit is valid for a five percent credit for four policy terms; however, to continue the website audit credit each year, the initial E&O loss control/risk management classes will need to be completed annually. If a website audit is completed with a full agency audit, the five percent website audit is valid for five years as it coincides with the full agency audit credit.

Agency Audit Credit

Our Swiss Re admitted program offers a five-year 10-percent premium credit to agencies that complete and comply with an agency risk management audit performed by any approved auditor. See the list of Swiss Re approved auditors. (This link will take you to the IIABA Audit web page; scroll down to find the Approved Auditor Listing.)

Eligible Classes

Remember, classes must be offered through FAIA to receive credit. Follow this link to view the class times for the monthly two, 2-hour E&O webcasts. Check below to see a schedule for the live, 4-hour webinars.