As a Managing General Agent (MGA) or Managing General Underwriter (MGU), you administer specialty insurance programs and often hold the pen for these programs. Both insurers – whether admitted or E&S carriers – and agency retailers look to your expertise in managing these specialty programs. Carriers depend on you to write profitable business while protecting insureds. Retailers depend on your underwriting expertise to provide policyholders with the right balance of limits, coverage terms and conditions.
When things go wrong, having Errors & Omissions (E&O) insurance tailored to your operation is required to step in and help with defense costs and other legal fees along with any resulting settlements and judgments. Our focus in E&O insurance at IPRO-Agency Insurance Services enables us to offer MGAs and MGUs the customized policy you need.
IPRO-Agency can design an E&O policy for MGAs and MGUs to include the following
We’ll also help you with risk-mitigation strategies. We’ll review your underwriting duties on your carrier’s behalf to understand the risks involved should a carrier take action against you and the underwriting you performed in the event of a loss by the insured. We’ll also help you assess your policy process system to help avoid claims due to oversights, such as neglecting to include certain carrier exclusions. It’s critical that proposals and policies are in accordance with program guidelines and that quality-control program is in place.