Agent E&Amp;O Insurance: Time to Check the Fine Print
American Agent & Broker › Vol. 76 Nbr. 9, September 2004
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Summary
The errors and omissions market for insurance agents is settling down after a 2002 market hardening. A brief overview of what has transpired during the past three years is presented, including: new exclusions used to tighten policy language, reduced limits, withdrawal from certain sizes and classes of business, and significant premium increases. A forecast of future E&O market conditions is discussed. The authors believe that, as economists would say, the market is entering a period of equilibrium, similar to that seen in the late 1980s. Terms and conditions will probably remain largely unchanged. The market's current pricing seems suitable to sustain a long-term viable marketplace. The authors recommend that agents focus on coverage and pay particular attention to policy forms and new endorsements, as some of them can be problematic. Other important issues for future consideration include insurer insolvency, absolute pollution and employment practices exclusions, and coverage reductions.
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Extract
Agent E&Amp;O Insurance: Time to Check the Fine Print
IN THE September 2001 issue of American AGENT & BROKER, we attempted to forecast the future of insurance agents errors and omissions insurance ("Agent E&O Renewals: Don't Wait Until the llth Hour"). We foresaw the hardening of the market but never expected it to get as bad as it was in the mid-1980s. Now the market is settling down, and we sense a change taking place once again. To better understand whe...
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