Insurance Agent’s Errors & Omissions Coverage Enables Agents
Columbus, Ohio, August 9, 2011: Demotech believes that the independent agent is the consummate insurance professional and should be trusted to select the markets that meet the needs of his or her clientele. Consequently an agent’s E&O carrier needs to provide support by extending coverage for insolvency to any financially stable carrier that appoints the agent.
Starting today, agents can fully utilize their expertise and professionalism without consulting their E&O policy for coverage related to insolvency. The restoration of access to markets selected by agents is both a significant improvement in coverage and an opportunity to create healthy competition for agency business.
Without competition, markets are keenly aware of their pre-selection by an E&O carrier. The imposition of an arbitrary exclusion related to insolvency dampens competition. However, the following E&O products provide coverage whenever an agency utilizes a market that is financially stable:
Allied World Assurance Company – Rick Bersnak, The Buren Insurance Group, Inc., 614-942-1226
Century Surety Company – Mark Harris, Quadrant Insurance Managers, 614-841-1425
NAMICO Insurance Company, Inc. – NAMIC Insurance Agency E&O Sales, 800-336-2642
Gotham Insurance Company – Rick Bersnak, The Buren Insurance Group, Inc., 614-942-1226
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm located in Columbus, Ohio. Since 1985, Demotech has been serving the insurance industry by providing accurate and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of the financial stability of a company. Our rating process provides an objective baseline and insight into the future solvency of a company. As an independent financial analysis firm, Demotech has a proven track record of predicting financial stability in the insurance industry. As the first company to have its rating process formally reviewed and accepted by Fannie Mae, Freddie Mac and HUD, Demotech has been leveling the playing field by offering FSRs to insurers of all sizes.
Visit www.demotech.com for more information.
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Douglas Powell, Senior Financial Analyst