Many professionals are fending off the double-digit rate hikes that longtime underwriters of errors & omissions coverage are seeking, with many of those clients finding themselves able to negotiate flat or only slightly higher rates.
The overriding market-stabilizing force is abundant capacity due to newer professional liability underwriters that do not have legacy losses that have forced them to pursue high premiums.
“That's helping slow the increase in rates,” says Gary Mann, director of Professional Liability for Novato, Calif.-based Fireman's Fund Insurance Co., a subsidiary of Allianz Group.
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