Swiss Re/Westport Policy Highlights

The FMS Swiss Re/Westport E&O program accommodates the needs of insurance professionals who are exploring different income-generating activities. Built on a modular design, a standard set of terms and conditions forms the basic E&O policy, to which agents add multiple coverages for their diverse operations and exposures. The various units are combined into a single policy, providing seamless coverage for many exposures, including contractual liability and mutual funds sales.

Highlights include:  

  • Defense Costs in addition to the limit of liability 
  • Insolvency coverage included in policy for placement with carriers rated B+ or better by A.M. Best or carriers covered by a state guaranty fund 
  • Deductible Reduction feature: Ability to reduce your deductible by 100% on each claim 
  • $20 million limit capacity available 
  • Catastrophe Extra Expense coverage limit options up to $100,000/$250,000 though policy endorsement
  • Broad duty to defend even if claim or potential claim is groundless, false or fraudulent 
  • Broad definition of “Professional Services” 
  • Other Related Services coverage includes the agency’s advertising, notary public and carrier draft authority activities 
  • Claims-made policy form with broad claim reporting provision 
  • Ability to provide full prior acts coverage for acquired entities 
  • Protection for innocent insureds 
  • Aggregate or Each Occurrence deductible options available  
  • First & Third Party Breach of Data coverage included in policy form 
  • Subpoena coverage limit options up to $50,000 
  • Regulatory Defense coverage limit of $25,000 
  • Multiple Extended Reporting Period options are available 
  • Expansive definition of Insured includes current and former employees, independent contractors and leased or temporary employees 
  • Reimbursement for loss of earnings or use of temporary staff due to attending depositions or trials provided at $500/day up to $10,000 per policy period 
  • Punitive and exemplary damages included where permitted by law 
  • Personal Injury definition includes false arrest, detention, humiliation, libel, slander and wrongful entry of a premise or dwelling 
  • Optional coverage available for EPL, Real Estate E&O and agency’s ancillary services 
  • Liberalization clause for broadened policy provisions 
  • Insured’s consent required to settle any claim 
  • No contractual liability exclusion 
  • Worldwide coverage 

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