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Swiss Re Westport Policy Highlights


Swiss Re Westport Policy Highlights

The IIARI Member Services Swiss Re Corporate Solutions/Westport E&O program accommodates the needs of insurance professionals who are exploring different income-generating activities. Built on a modular design, a standard set of terms and conditions forms the basic E&O policy, to which agents add multiple coverages for their diverse operations and exposures. The various units are combined into a single policy, providing seamless coverage for many exposures, including contractual liability and mutual funds sales.

Highlights include:  

  • Defense Costs in addition to the limit of liability 

  • Insolvency coverage included in policy for placement with carriers rated B+ or better by A.M. Best or carriers covered by a state guaranty fund 

  • Deductible Reduction feature: Ability to reduce your deductible by 100% on each claim 

  • $20 million limit capacity available 

  • Catastrophe Extra Expense coverage limit options up to $100,000/$250,000 though policy endorsement

  • Broad duty to defend even if claim or potential claim is groundless, false or fraudulent 

  • Broad definition of “Professional Services" 

  • Other Related Services coverage includes the agency's advertising, notary public and carrier draft authority activities 

  • Claims-made policy form with broad claim reporting provision 

  • Ability to provide full prior acts coverage for acquired entities 

  • Protection for innocent insureds 

  • Aggregate or Each Occurrence deductible options available  

  • First & Third Party Breach of Data coverage included in policy form 

  • Unlimited subpoena coverage outside the limits of liability

  • Regulatory Defense coverage limit of $100,000 

  • Multiple Extended Reporting Period options are available 

  • Expansive definition of Insured includes current and former employees, independent contractors and leased or temporary employees 

  • Reimbursement for loss of earnings or use of temporary staff due to attending depositions or trials provided at $1,500 per insured per day/maximum of $75,000 per policy period 

  • Punitive and exemplary damages included where permitted by law 

  • Personal Injury definition includes false arrest, detention, humiliation, libel, slander and wrongful entry of a premise or dwelling 

  • Optional coverage available for EPL, Real Estate E&O and agency's ancillary services 

  • Liberalization clause for broadened policy provisions 

  • Insured's consent required to settle any claim 

  • No contractual liability exclusion 

  • Worldwide coverage