ISMIE has expanded its core Medical Professional Liability (MPL) insurance to develop programs for non-medical professional customer groups, including insurance agents and brokers. ISMIE’s PL business will be distributed only through qualified managing general agents (MGAs) such as RPS that have unmatched expertise in their programs.
This new RPS Signature Programs offering provides Errors and Omissions (E&O) coverage for small- to mid-sized insurance agencies, wholesalers and MGAs.
“Insurance Agents and Brokers E&O coverage is a key contributor to the longevity of an agency. This new RPS program provides industry professionals the confidence of knowing their unique E&O exposures are covered should a claim occur,” said Adrienne Woodhull, area president with RPS.
“The combination of RPS’ profound knowledge and strong track record in this market and our unique coverage and services makes this product the best choice for independent agents and brokers,” said Wayne de Nazarie, ISMIE Executive Vice President.
- Highlights of the Insurance Agents and Brokers Professional Liability Program are:
- First-dollar defense coverage available
- Modified coinsurance hammer clause (up to 80/20)
- Unlimited tail coverage
- A liberalization clause
- Qualifying subsidiaries are automatically included
- Broad definition of covered professional services
- Deductible is aggregated at twice the per-claim dollar amount
- Insolvency exclusion carve-back for the insured, if the insurance was placed with an entity that held a B+ or better A.M. Best rating or an A or higher Demotech rating, or if the entity was guaranteed or operated by a governmental body
The Insurance Agents and Brokers Professional Liability Program offers limits of $500,000 to $5 million and is currently available nationwide.
About RPS Signature Programs
RPS Signature Programs manages a variety of specialized programs on behalf of highly rated carriers, offering proprietary insurance solutions in niche markets. Headquartered in Rolling Meadows, Illinois, RPS Signature Programs is a division of Risk Placement Services, one of the nation’s largest specialty insurance product distributors.
Follow RPS on Facebook, Twitter, LinkedIn, Instagram and YouTube.
About ISMIE Mutual Insurance Company
ISMIE is an established and successful policyholder-owned insurer focused on providing outstanding products and services that meet the changing needs of physicians and healthcare professionals across all practice types and settings. Founded in 1976 and headquartered in Chicago, IL, ISMIE has for 45 years led the Illinois MPL market and is recognized across the country for delivering protection, quality, service and value to its customers.
Bill McLaughlin, ISMIE Vice President, Product Diversification will be the lead working with RPS on this exciting new initiative.
Follow ISMIE on Facebook, Twitter, LinkedIn and YouTube.