AXIS INSURANCE SERVICES, LLC: E&O Coverage for the Insurance Profession
Just as managing a client’s professional liability exposure properly is critical, insurance agencies must also ensure that their own Errors & Omissions (E&O) policies are adequately addressing their risks. This means making sure your coverage terms and limits correspond to your operation’s exposures, looking at whether your exposures have increased due to the type of business you’re writing (high-end network clients, niche markets), and the impact that new ownership or an acquisition may have on your coverage, among other issues.
Another concern is finding tailored E&O coverage at competitive rates for insurance agents and brokers specializing in insuring difficult risks such as program managers, aviation, long haul trucking, environment niches where you may be exposed to greater professional liability exposures. Agencies with previous E&O claims also may find it difficult to find a home for coverage.
That’s where the E&O experts at Axis Insurance Services, LLC come in.
We’re Your Home for E&O Insurance
As one of the nation’s largest firms writing Insurance Agents & Brokers E&O, Axis Insurance Services, LLC has a unique perspective in this risk. We insure over 400 agents and brokers. We specialize in large multi-faceted insurance agencies seeking a solution for their E&O needs. This includes but is not limited to insurance agencies and brokerages, MGAs, MGUs, program and captive managers, specialty lines agencies, surplus lines agencies, wholesalers, RRGs, and those specializing in hard-to-place risks or that may not be eligible for standard programs due to their type of business or loss history.
We will review your exposures to ensure that your E&O coverage responds to your risk profile. Additionally, our years of industry experience provide us with an in-depth understanding of the marketplace, coverages, terms, and exclusions to obtain the coverage you need.
Coverage Highlights
Our nationally recognized insurance specialists can design a competitive program for an insurance agency that addresses many of the following risks not addressed by traditional programs:
- Surplus Lines Business
- Insolvency Coverage
- Cluster Arrangements
- Innocent Insured Coverage
- Independent Contractors
- Contingent BI/PD (Bodily Injury/Property Damage)
- Adverse Loss History (Insurance Claims)
- HIPAA Compliance
- Administration of ERISA Plans
- Placement through RPG, PPO, MET, and other non standard markets
Eligibility Requirements
- Property and Casualty Agents, including Program Managers & Wholesalers
- $500,000 minimum commission income
- $5,000 minimum premium
- Minimum 3 three years’ industry experience
- Life Insurance Agents
- $1 million minimum commission income
- $5,000 minimum premium
- Minimum 3 years’ licensed experience
- Health Insurance Agents
- $1 million minimum commission income
- $5,000 minimum premium
- Minimum 3 years’ licensed experience
- Variable Annuity and Investment Agents (RIA & Reg Reps)
- $500,000 minimum commission income
- $5,000 minimum premium
Access Additional E&O Information
We have made available information to help you understand the importance of Professional Liability insurance:
Obtaining E&O Insurance
- Complete the Insurance Agents E&O Application, sign and date it and fax to 201-847-9174 or email to apps@axisins.com.
- Provide a copy of your current Declarations of E&O Insurance including the current limits, retroactive date and expiring premium.
- Provide a current resume or bio of the key management personnel.
- Provide current loss run (if you don’t have them, please order them from your current carrier).
- Sign a warranty statement.
