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E&O Tips for Responding to Carrier Downgrades and Insolvencies

With all the changes in the marketplace, there’s no time like the present to review the steps your agency will take to respond to carriers experiencing a rating downgrade, insolvency, or their decision to withdraw from a state altogether.

Helpful Resources

Other Recommendations

  • Insolvencies can take time to process, be sure to use your State’s Guaranty Fund website for FAQ’s as they’ll come in handy in setting expectations for your agency staff and your clients regarding timing and processes.
  • Be sure to review your current E&O policy for exclusionary wording related to carrier Insolvency as there are usually limitations around carrier ratings at time of placement and non-admitted carriers.
  • If you have E&O coverage placed through IIAT's Swiss Re Admitted Policy, the Insolvency Exclusion can be found under Exclusion E. Insolvency*.

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