Business Risk Partners (BRP) has partnered with Aspen American Insurance Company to introduce a new and significantly expanded professional liability form for insurance agents and brokers.
The enhancements to the form include built-in cyber extension coverage with $150,000 of limit; deductible reduction coverage, up to 50% on each claim; broad definition of professional services; broadened insolvency coverage; and increased coverage for administrative proceedings, and subpoena inquiry and court attendance costs.
The programme is currently admitted in 41 US states and has been filed in all 50.
BRP CEO and president Lisa Doherty said: “Our partnership with the Aspen team is a logical next step. We know how talented they are from a history of first working with veteran members of the team nearly a decade ago.”
Aspen global head of professional & management liability Bruce Eisler said: “We saw this opportunity with BRP as a way to extend our expertise in professional liability, claims resolution and service to insurance agents, a previously untapped market for us.
“After listening to what Lisa and her team required, we were able to deliver a creative and custom solution that both enhances BRP’s product offerings and our long-term partnership.”
The policy targets a wide array of insurance agents and brokers such as agents for life/health, property and casualty, wholesalers, consultants and MGA/program administrators. It offers $10m in capacity for primary or excess placements with no minimum revenue threshold.