The National Association of Professional Insurance Agents has developed a new market for member independent insurance agents' errors and omissions insurance through Lloyd's of London.
PIA said it will be utilizing Lighthouse Underwriters, LLC, a member company of U.S. Risk Insurance Group Inc., as the preferred excess and surplus lines broker for E&O coverage.
This facility, established over ten years ago, utilizes six syndicates for primary coverage and six for excess, PIA said.
Len Brevik, executive vice president and chief executive officer for the Alexandria, Va.-based association, said, "We believe that this new E&S market is important for many agencies due to changing underwriting appetites in the admitted marketplace for agents' E&O.
"Due to narrowing underwriting requirements, many more independent agencies need to access this coverage through nonadmitted carriers. This new market we're offering is significant since PIA can now provide coverage to more agencies than ever before. From new start-up agencies to the largest brokers, PIA can place the business."
In addition to placement through PIA national, applications will also be accepted through many PIA affiliates.
Coverage limits range from $1 million to $5 million. Applications will be accepted for virtually any size and type of agency with the exception of managing general agents and wholesalers.
More information is available online at www.pianet.com/PIAMainStreetStore/ or by contacting Anelda Peters at (703) 518-1382.
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