E&O Coverage: Swiss Re

Professional Liability/E&O Coverage

Exclusive access to our Swiss Re admitted program, formerly known as the Westport program, as well as access to almost any E&O market (both admitted and non-admitted) makes FAIA Member Services an agent’s go-to resource for professional liability insurance. Florida’s largest and established Professional and Management Liability program, FAIA Member Services is focused on helping member agents get the coverage they need at a competitive price.

The Swiss Re program has a proven claims-paying track record, is a fierce advocate for claims handling and coverage interpretation, and offers the kind of outstanding service that comes with FAIA membership and more than 50 years of experience in the agency E&O space. Agencies insured by our Swiss Re admitted program can count on superb customer service should they need to file a claim.

Through our IIABA endorsed brokerage firm, FMS has also established relationships with several admitted and non-admitted carriers to serve members who may be ineligible for placement in our Swiss Re admitted program or want to look at additional options outside of our Swiss Re admitted program.

Apply for E&O Coverage

To apply for coverage:

Complete the online digital application.
After completing the online digital application, please email the agency’s 5 year current valued E&O loss runs to Lori Phillips; fax to 850-893-8002; or mail to FAIA Member Services, Attn: Lori Phillips, PO Box 16579, Tallahassee, FL 32317.
If you would like to approach additional markets outside of Swiss Re, please complete and return this line of business breakdown to Lori Phillips at lphillips@faia.com or fax it to 850-893-8002.
Is this a new venture/start-up agency? If so, please upload the agency owner’s resume along with the business plan with the online application submission.

A confirmation email will be sent once the application is received.

Swiss Re Admitted Program

The FMS Swiss Re Admitted Professional Liability program (formerly known as the Westport 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 for placement with admitted carriers backed by the guarantee fund and non-admitted carriers rated B or better by A.M. Best. Coverage for all approved, non-admitted carriers available via endorsement.
Deductible Reduction features: three options available for the agency to have the potential to waive or reduce their deductible up to a maximum of $25,000.
$20 million limit capacity available
Catastrophe Extra Expense coverage: $25,000 per occurrence/$50,000 aggregate (increased limit options available via endorsement up to $100,000/$250,000).
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
Unlimited subpoena coverage outside the limits of liability
Regulatory Defense coverage limit of $100,000
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 $1,500 per insured per day/maximum of $75,000 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

This content-rich website helps agency staff improve business practices and avoid E&O claims by providing policyholders access to:

E&O Tools: An agency E&O self-assessment, sample coverage checklists, sample disclaimers, file documentation and records retention information, sample customer letters, and more.
Claims Information: The most frequent types of E&O claims, common errors and problems causing E&O claims, and practical real-life E&O case studies demonstrating how claims can be avoided.
Articles, Content, and Podcasts: Professional and management liability related articles on ways to avoid claims, including an archive of IA Magazine’s monthly “E&O Angle” articles and E&O Claims Advisor Newsletters; E&O quick tips for all positions in the agency; and podcasts on avoiding E&O claims from social media, certificates of insurance, natural catastrophes, and much more.