The vast majority of insurance agencies do not have any insurance coverage for reimbursement of the costs incurred due to a client data breach. Here are just a few of the reasons why a Network Security and Privacy (NSAP) policy makes sense for insurance agencies: Coverage for data and other non-physical perils is routinely excluded under Property policies. The “intentional acts” exclusion found in a standard E&O policy might … [Read more...]
Reduce Agency E&O Claims
The Independent Agents & Brokers of America (IIABA or the Big "I") has created a new Web-based agency resource called the Big “I” Virtual Risk Consultant (VRC) powered by Rough Notes. "One in five claims that we see with the Big 'I' Professional Liability Program are a direct result of recommendation or risk assessment errors alleged against the agent," says David Hulcher, Big "I" director of agency E&O risk management. "The VRC … [Read more...]
