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CIC Wrap Program Details
Coverages:
- Errors & Omissions (E&O)
- Directors & Officers Liability (D&O)
- Fiduciary Liability
- Employment Practices Liability Insurance (EPLI)
- Umbrella
- Workers' Compensation
- Travel Accident
- Business Owners' Package (BOP)
E&O Coverage Enhancements:
- $5,000,000 limit of liability
- $250,000 defense outside of limit
- $250,000 punitive damages coverage
- $25,000 audit and claims expense
Underwriting Guidelines:
An agency which meets any of the following criteria does not qualify for
the Insurance Agents E&O portion of CIC Wrap:
- Three claims in five years
- Start-up agency - must be licensed for three years and have
managerial experience.
- MGA / TPA, Reinsurance Intermediary - 25% or higher -
- Life agencies newly licensed in P&C
- Individuals (Life or P&C) who do not have an agency
- Agencies cancelled for non-payment with a gap in coverage of over
one week
- Agencies non-renewed for claim activity
- Agencies looking for mid-term indications, unless current carrier
is non-renewing book
- Agency in business for five years or more with no prior E&O coverage
- Revenue less than $25,000
- Agencies primarily involved in Medical Malpractice, Environmental,
Hospitality or Pollution exposures
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