Swiss Re has announced a new Deductible Reduction policy enhancement for its Broker Association Errors & Omissions (E&O) policyholders. Through this enhancement, Swiss Re will reduce the E&O policy deductible by 50% - up to a maximum of $ 12,500 per claim - in the event a new claim is brought alleging the broker's failure to procure a coverage or limit recommendation.
The new enhancement is designed to reduce total out-of-pocket claims costs for Swiss Re’s policyholders, promote complete and thorough file documentation, and facilitate early resolution of claims. Reduced claims cycles can add value for insurance brokers by containing the ultimate claim costs and potential cost of future professional liability insurance coverage.
“This policy enhancement has been developed in response to client needs in a challenging economy and changing regulatory and legal environments,” said Stephen Ritter, Head of Swiss Re Canada's Broker E&O Program. “Our experienced claims team works with our policyholders to expedite the claims process, reduce the total payment and help clients achieve cost savings.
”??Developed in collaboration with the Canadian Provincial Insurance Associations, the coverage is available to Provincial Association members who are also Swiss Re policyholders. This enhancement is a clear demonstration of Swiss Re's ongoing commitment to helping insurance brokers manage and minimize E&O exposures and the associated costs.??Markus Zwyssig, Managing Director, for Professional & Financial Services at Swiss Re said: “This expansion for our policyholders is another indication of our commitment to delivering innovative solutions to our Canada Broker clients. The Canada professional liability market is an important component of Swiss Re’s growth strategy.
”??The deductible reduction enhancement is contingent on the policyholder's ability to clearly demonstrate that it generated and subsequently maintained written documentation of the refusal by any customer to accept any type of coverage or limit recommendation made.
Swiss Re has specialized in brokers' professional liability in the Canadian market for more than 30 years. During this time, the company has consistently provided broad coverage reinforced with local claims and underwriting experts who understand the demands of running an insurance brokerage firm.