PLEASANTON, CA, Dec. 19, 2016 - Independent insurance agents and brokers in California now have access to the latest errors & omissions (E&) coverage and pricing through a new program arrangement between Allianz Global Corporate & Specialty (AGSC), IIABCal and Cooper & McCloskey, Inc. (CMI).

With more than 125 years of experience, Allianz is an industry leader in providing E&O liability coverage for independent insurance agents and brokers,” said Clark Payan, IIABCal Chief Executive Officer and President of IIABCal’s for-profit subsidiary, the Independent Insurance Producer Service Corp. “Allianz is one of the largest E&O carriers, and we're proud to offer this highly competitive product to independent agents and brokers throughout California. 

“In addition to the underwriting and financial power of Allianz, IIABCal is also excited to be partnered with the professional liability experts at CMI to provide agents and brokers with the choices and resources they need to manage their E&O insurance,” Payan said. “CMI has extensive knowledge and experience dealing with the California liability marketplace and can tailor coverage specifically designed for any insurance agency.

"Together with with Allianz and CMI, IIABCal is a valuable resource for competitive E&O coverage and professional consulting," Payan said. 

E&O coverage highlights include:

 

State of the art coverage form, exclusive to IIABCal members

$50,000 first party personal data compromise breach response for the accidental loss of client data, with optional higher limits available

First-claim deductible is waived if you have been insured and claims-free with Allianz for five or more years

80/20 consent to settle clause

True worldwide territory coverage

Insolvency coverage for all carriers with B+ or better A.M. Best rating

90-day notice of merger or acquisition

$10,000/$30,000 catastrophe claims extra expense included at no additional premium

$35,000 regulatory investigation defense expense coverage per policy period

60 days after expiration to report claims and purchase extended reporting provision

$500 per day supplementary payments for expenses incurred in aiding the defense of a claim

Aggregate deductible applies

Claims made policy form

Defense outside the limit

Broad definition of who is an insured, including spousal or domestic partner liability

Limits of liability available to $10 million

“Risk management resources through the Allianz E&O program keep agencies from making common, preventable mistakes,” Payan said. "And with its superior coverage and claims expertise Allianz comes through in any event."

For more information, click here.  For a free policy review, contact Mike  Orrick at 916-865-8111 or email at morrick@iiabcal.org.