RISK MANAGEMENT
ENHANCEMENTS COMING TO KAIA MEMBER E & O PROGRAM
By : Dave Hulcher
One of the leading benefits for KAIA members is exclusive access to our market-leading E & O coverage through the Big “ I ” Professional Liability Program with our partner Swiss Re / Westport . The Big “ I ” and state associations continually add value to our policyholders and are the trusted source where members purchase this critical coverage . While the program remains highly competitive from a pricing standpoint , we are excited to share some substantive coverage improvements in our exclusive member coverage form that are being implemented .
NAME CHANGE First , Swiss Re is changing the corporate name on the policy form from Westport Insurance Corporation to North American Specialty Insurance Company , NAS . While the A + superior financial rating remains the same , this name change is occurring to reduce complexity , enable strategic growth , and improve financial efficiency .
POLICY ENHANCEMENTS In general , the policy enhancements provide more ways to reduce your deductible , prevent the erosion of limits , offer more control to the policyholders in the claims settlement process , expand covered professional activities , and help with continuity of operations . The enhancements do not impact your premium and require no additional payment . The exhibit below provides greater detail on the changes . These enhancements will be available effective on February 1 , 2022 . Due to the policy ' s liberalization clause , these benefits apply to policyholders before their renewal date .
GET A FREE E & O CONSULTATION We have found that , often , agents are not specifically familiar with agent professional liability policies or the marketplace . Members can purchase their coverage through the association with confidence . Besides , purchasing coverage through the association is a win-win because it supports our mission of protecting the value of the independent agency system .
Swiss Re will be notifying policyholders in advance of their renewals as required by state statutes .
Get your free E & O consultation and quote today !
Josh Goodman Josh @ kaia . com
8