Errors and Omissions News

Essentials: Wrap-Ups and Agent E&O Exposures

Insurance agents who write insurance coverage for subcontractors in the construction field need to be familiar with consolidated insurance programs (CIP). These type of programs are often labeled as “wrap-up” programs. There are two types of CIPs that the agent …

The Coverage Conundrum in Chinese Drywall Claims

Unless you live in Florida or Louisiana, or regularly read the Insurance Journal, you may only now being hearing about the latest mass tort craze: Chinese-Manufactured Drywall (often simply referred to as “Chinese Drywall”). The property damage and personal injury …

New Property Managers Errors and Omissions Insurance Program Announced by New Empire Group

A new errors and omissions insurance program for property management firms, named SmartPro&#8482, is now available from New Empire Group, Ltd. Robert E. Mackoul, CLU, Chief Executive Officer of New Empire Group stated, “The program is geared toward small to …

S&P Raises AXIS and Subs Ratings; Outlook Stable

Standard & Poor’s Ratings Services has raised its counterparty credit and senior unsecured debt ratings on Bermuda-based insurance and reinsurance holding company AXIS Capital Holdings Ltd. to ‘A-‘ from ‘BBB+’. S&P also raised its counterparty credit and financial strength ratings …

Madoff Scandal to Cost Insurers $1.8 Billion, Aon Benfield Says

While the maximum potential exposed insurance limits resulting from the alleged Bernard Madoff Ponzi scheme are estimated to be above $6 billion, the range of direct insured losses will be a far smaller number, most likely somewhere between $760 million …

Ratings Roundup: Beazley, Westminster, Waco, Alliance Mutual

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit rating (ICR) of “a” of Beazley Insurance Company, Inc. (BICI) of Farmington, Conn. with stable outlooks. Best noted that the “ratings reflect the significant …

Survey: Women Business Owners Optimistic on 2009 Despite Liability Risk

Nearly three in five (58 percent) women business owners anticipate that their organizations’ revenues will grow in 2009, and nearly one-half (44 percent) do not expect difficulty in obtaining access to credit, according to the 2008 Business Risk Survey conducted …

WKF&C Adds Professional Liability Enhancements

Melville, New York-based managing general agency WKF&C Agency Inc. said it has added several new enhancements to its professional liability portfolio that all are underwritten by certain underwriters at Lloyds of London. The enhancements include: excess liability of up to …

Travelers Launches New Professional Liability Coverage Program

Travelers said it has introduced a new, modular professional liability product, 1st Choice+, geared toward accounting, design, legal and real estate professionals. The product offers errors and omissions coverage in one comprehensive policy that can be tailored to include: — …

Allied World Reports Q3 Loss

Allied World Assurance Co. Holdings, Ltd., which closed on its acquisition of Darwin Professional Underwriters in October, reported a net loss of $46.4 million for the third quarter ending Sept. 30, 2008 compared to net income of $109.0 million for …