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Darwin's Revamped Insurance Agents and Brokers Professional Liability Product
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In light of the recent market dynamics occurring in the insurance industry, Darwin has proactively modified our insurance agents professional liability product.
Here are the highlights:
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Expanded coverage for governmental claims. Darwin's insurance agents and brokers professional liability policy has always included Insuring Agreement C. Insuring Agreement C provided $25,000 in the aggregate for defense expenses in connection with responding to or defending investigations, complaints, or proceedings brought by any federal, state, or municipal regulatory agency, insurance department, or other governmental authority. What was previously Insuring Agreement C is now Insuring Agreement B.
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This updated insuring agreement has been expanded to include $25,000 in the aggregate, for both defense expenses and loss for governmental claims. No retention (deductible) applies to this insuring agreement. "Governmental claim" means a claim or investigation brought by any federal, state, or municipal agency, insurance department, or other governmental or quasi-governmental authority, in any capacity, whether in its own right, on behalf of an individual entity, or by an individual or entity on the agency's or authority's behalf.
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Coverage limits available up to $10 million. Darwin can now offer limits to $10 million (for select accounts).
Clearer, consistent policy language. We've also made changes to this form to make it more consistent with other Darwin policy forms/products, to conform with the above changes and to provide clarity in some of the exclusions/definitions. The following modifications have been made:
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1. The term "deductible" was replaced with "retention" throughout the policy.
2. We've changed the insuring agreement's language and amended the definition of "application" to be more consistent with Darwin's other E&O policy forms.
3. We condensed the insuring agreements down from 3 to 2.
4. The definition of "claim" was amended to include administrative proceedings in order to conform with our expanded governmental claim coverage and definitions.
5. Exclusion S was amended to delete the word "alleged" (we had previously used an endorsement to delete the "alleged" wording).
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6. Exclusionary language for Definitions F. Loss, 4 was moved to the stand-alone exclusion X. This clearer wording will eliminate confusion.
7. Exclusion B was amended to include prior and pending litigation and prior knowledge of potential claims.
8. The section governing Reporting Requirements (VI) was amended to within 30 days from the Expiration Date (or end of the ERP).
9. The dec page and other sections were made to be consistent with the changes noted above.
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