Modern Insurance E&O Program Targets Small to Medium-Sized Fla. Agencies

Miami-based Modern Insurance Consultants Inc. and Darwin Professional Underwriters Inc. have introduced an Insurance Agents Errors & Omissions program for small to mid-sized Florida property/casualty agencies.

The program offers up to $2 million in liability limits, a broad definition of insured and $25,000 in coverage for defense or indemnity (with no retention) in connection with governmental claims. Prior acts coverage is available. The program is offered on a surplus lines basis. Policies are issued on Darwin’s sister company paper, CSIC, which has earned an AM Best Company rating of “A (Excellent).”

Florida agencies, which write between $1.7 to $5 million in annual premiums may be eligible for this alternative program. It is tailored to meet their specific insurance needs in terms of limits and scope of coverage.

“This is one of the few agents and brokers E&O programs in Florida that targets medium-sized agencies,” Nicole Haggerty, a Darwin spokesperson said. “Darwin has responded with a solution based on market needs.”

“As a result of many companies leaving the market over the past couple of years, agents have been left with few alternatives to place their own E&O coverage,” Javier Navanjo, Modern Insurance Consultants vice president said. “Not only have agents been limited in their choice of carriers, the terms and conditions of their policies have also been severely limited. Our goal is to offer a viable alternative for this market.”