Axis Insurance Services has succesfully written new Professional Liability Insurance business in July for the following risks.
Insurance Captive Manager $45,000
Structured Settlement Broker $5000
Insurance Broker $39000
Title Agent Owned by a developer $30,000
Axis News
July 31st, 2010Smith Speaker at NAI Global Asset Services Council
July 14th, 2010Mike W Smith, President and CEO of Axis Insurance Servces, LLC was recently a speaker at the annual NAI Global Asset Services Coucil in Cleveland Ohio. The topic of his presentation was relating to Errors and Omissions Insurance exposures for commercial real estate firms. In his presention he outlined how new services being provided by commercial real estate firms are increasing their exposure to E&O claims. Specifically, Mr Smith addressed receivership services, corporate services and asset management services that all fall outside of the traditional real estate expertise. His presentation was supplemented with real live example of claims scenarios and near misses. The presentation was enjoyed by all.
Axis Insurance Services writes new business
July 11th, 2010Axis Insurance Services, a National Professional Liability Broker announces recent E&O placements.
Wholesale Insurance Broker E&O $15 million limits $149,000
Regional MGU E&O $3 million limits, $30,000
Large Insurance bank owned insurance agency $5M limits $191,000
Commercial Property Management Company $10 Million limits for $254,000
Title Agent with significant loss history $45,000
Axis Insurance Services continues to grow despite this down [...]
Smith guest panelist at PLUS/ IBANY
July 7th, 2010Mike Smith, President and CEO of Axis Insurance Services, LLC was a guest panelist at the annual summer Professional Liability Symposim sponsored by the Professional Liability Underwriting Society (PLUS) and the Insurance Brokers Association of New York (IBANY) .
Acts of Fraud and your E&O
December 15th, 2009Question: Can an E&O policy be of any use when allegations of fraud or dishonest acts are made against an Insured?
Answer: It depends on the fraud, who committed it and the type of E&O policy issued.
Most E&O policies have an outright exclusion relating to any fraudulent activities including simple allegations of fraud. We believe this is unfair to parties that did not participate or were not aware of such an act. A standard exclusion in an E&O policy would read as follows:
Extended Reporting in a Recession
December 5th, 2009Extended Reporting Coverages are vitally important when companies close or are sold. Often we find companies simply don’t have the money to purchase an extended reporting endorsement (Tail Coverage) and are left to take their chances with future claims. We feel it is vitally important when closing or selling a company to plan for the [...]
Sale of Commercial Notes and E&O
December 5th, 2009Brokering Commercial Mortgages and E&O
Our Commercial Real Estate clients have begun brokering mortgages for investors and clients. The transaction conceptually is no different than an investment sale which finds a buyer and seller for a piece of investment property except in this transaction the real estate broker finds a seller of a distressed mortgage and [...]
Understanding E&O in Plain English
September 22nd, 2009Errors and Omissions Insurance is business liability insurance for professionals such as insurance agents, real estate agents and brokers, architects, third party administrators and other business professionals. An error or omission, a mistake, which causes financial harm to another, can occur on almost any transaction in any profession. This type of insurance (E&O) helps to protect a professional, an individual or a company, from bearing the full cost of defense for lawsuits relating to an error or omission while providing their Professional Services to others. This is a separate coverage from a standard general liability or property insurance policy. Errors and Omissions Insurance may be referred as any of the following: E&O, E&O Insurance, Errors and Omissions or Professional Liability insurance Malpractice (legal and medical professionals)
Insurance Issues for Property Managers
September 19th, 2009We are seeing an increased exposure for insurance related issues for property managers. E&O policies exclude coverage for any failure to place or procure any insurance for any client. The basis of the exclusion is that property owners and insurance agents should be held liable for such claims not the property manager. Unfortunately, based on foreclosure rates and the economy, many property owners are not property insuring their properties or dropping the coverage altogether. This creates a significant risk for the property manager that isnt covered by an E&O policy.
Receivership Services and E&O
August 3rd, 2009The collapse of the real estate market and the high incidence of foreclosures has created a new service offered by many real estate agents and brokers; Receivership Services. It may seem like a natural extension of real estate services, but when it comes to your errors and omissions insurance policy that may be a different story as such services are often not covered by your current E&O policy.