As trusted advisors to their clients on the issue of property and casualty risk management, insurance brokers face a range of their own liability exposures. ENCON’s Errors and Omissions (E&O) insurance protects insurance brokers against allegations of errors, omissions and negligent acts.
- First dollar defence coverage (deductible does not apply to defence costs)
- Split damages deductible
- Defence costs are in excess of the limit
- Loss of earnings coverage (up to $500 per day) for an insured when requested to attend discoveries, mediation and/or trial as part of the defence of a claim
- Disciplinary matters coverage, subject to a sublimit of $25,000
- Penal defence costs reimbursement, subject to a sublimit of $50,000
- Outside directorship coverage (ODL) for non-profit organizations, subject to a sublimit of $500,000
- Extended Reporting Period – 90 day basic (no charge) plus one year optional (max 50% of expiring annual premium)
- Automatic confirmation of coverage to licensing bodies
- Brokers deal directly with ENCON, affording two major advantages: the first, saving of the broker’s commission and, the second, confidential information is not revealed to competitors
- Broad definition of insured
- Broad definition of insured services
- CGL insurance is available for E&O policyholders
Additional Policy Feature for Small Firms
Coverage is available for small firms with annual revenues of less than $2,000,000 that are claims free. Maximum limit of $2,000,000.