Insurance for Your Agency

Umbrella/Excess E&O | E&O | EPL

IIAT Insurance Agency offers Umbrella/Excess E&O coverage through Penn National Insurance Company (rated "A-" by Best). The Big "I" Insurance Agents Umbrella Program offers the most comprehensive and affordable excess insurance protection available, packaged into one easy-to-manage policy. Most importantly, the umbrella can extend excess coverage for underlying insurance agents/agency's professional liability policies.

Download umbrella application

Coverage Highlights and Availability

Coverage is available up to $10 million for commercial and professional liability. (Higher limits may be available.)

Core coverage includes:

1. Business Operations - Broadened coverage and excess limits protection for agent/agency's business and employees for liability incurred as a result of normal business activities. The policy provides coverage over an agency's CGL or Business Owners, Employers Liability and Commercial Auto.
   
   Coverage features include:
1. Personal Injury
2. Libel, Slander and Advertising Offense
3. First Dollar Legal Defense provided for claims not covered by underlying insurance
   
2. Professional Liability - Excess limits protection on a following-form basis for errors and omissions in the course of the agency's business as an insurance professional. Coverage can be written over occurrence or claims-made forms of a variety of primary E&O carriers. (If primary E&O coverage is not provided by Westport, submit a copy of the underlying E&O application.)
   
   Coverage features include on a following- form basis:
1. Full Prior-Acts Coverage
2. Covers any person acting in a capacity as a real estate agent (submit a copy of underlying real estate E&O application, if not provided by Westport) or notary.

Option unique to this program:

Employment Practices Liability - Excess limits protection on a following-form basis, for liability incurred by named insured and/or employees for wrongful employment practices.Coverage can be written on a claims-made basis over a number of approved EPL carriers. Maximum available as a sub-limit is $2,000,000. (Submit a copy of underlying EPL application, if not provided by Westport)

Underlying Policy Details

Below are minimum underlying limit requirements:

Commerical General Liability Simplified ISO Occurrence or Claims-made form

• $1,000,000 General Aggregate
• $1,000,000 Products/Completed Operations Aggregate
• $500,000 Each Occurrence
• $500,000 Personal/Advertising Injury
• $50,000 Fire Damage Limit
• $5,000 Medical Expense Limit

Business Owners

• $500,000 CSL - For agency with 9 or fewer employees
• $1,000,000 CSL - For agency with 10 or more employees

Commerical Automobile Liability

• $500,000 CSL - 0 to 5 vehicles
• $1,000,000 CSL - 6 or more vehicles

Employers' Liability

• Bodily Injury By Accident - $100,000 Each Accident
• Bodily Injury By Disease - $500,000 Policy Limit / $100,000 Each Employee

Errors and Omissions

$0-$1,500,000 Gross Commission Income:

• $1,000,000 Each Claim
• $3,000,000 Aggregate

$1,500,001-$3,000,000 Gross Commission Income:

• $2,000,000 Each Claim
• $4,000,000 Aggregate

Over $3,000,000 Gross Commission Income:

• Subject to underwriting

Employment Practices Liability (Coverage is Subject to Prior Approval)

• $1,000,000 CSL

Watercraft - (Jet Skis & Wave Runners excluded)

Each Accident or Occurrence

• $500,000 - Less than 35 feet in length
• $1,000,000 - More than 35 feet but less than 50 feet in length
  

1. Full pay (no installments)
2. Two pay, 50% down payment, one installment of 50% due three months later
3. 40/30/30, 40% down payment, two installments of 30% each due every other month
4. Quarterly, 25% down payment, three installments of 25% each due quarterly
5. Monthly, 20% down payment, five installments of 16% each due monthly

Service Fees: No service fee will be added to the initial payment. A $2 service fee will be added to each installment billing.

Return Check Fee: For returned checks, Penn National Insurance will add a $20 charge to the insured's balance. This charge will be due in full and will not be spread among the unbilled installments.

For more information contact David Surles, 800/880-7428