Mercator Risk Services

Resources

Library

Home
Resources
Library

The Specialty Lines Market - What is It?: The specialty lines insurance market is the segment of the insurance industry where the more difficult or unusual risks are written. Because specialty lines insureds tend to be more unusual or higher risk, much of the specialty lines market is characterized by a high degree of specialization. Insurers participating in this market have specialized expertise and experience in underwriting and rating insurance for a wide range of risks. These insurers usually work with brokers who are experienced in specialty lines insurance. Much of the product development comes from the broker community in their quest to protect the insureds.; Read More...
General Liability Vs Professional Liability Insurance: The two main types of liability insurance for professionals are General liability insurance and Professional Liability insurance. Both coverages are important to properly protect a professional organization from financial loss.; Read More...
The Surplus Lines Market: The surplus lines insurance market exists due to a regulatory distinction and provides an alternative for unusual or higher risk insurance unavailable to purchasers from licensed insurers. Coverage may be unavailable from licensed insurers due to the exposures presented by the particular account or the terms and conditions in the coverage provided. For insureds unable to secure insurance coverage from licensed companies, the surplus lines market provides an alternative market with flexibility, additional capacity and innovative underwriting.; Read More...
Claims Made vs. Occurrence Policies: There are two primary forms of liability insurance policies - claims-made and occurrence policies. Most professional liability insurance, including directors and officers and employment practices liability insurance, is written on a claims-made basis.; Read More...
Lloyds of London: Lloyd's of London is a unique specialty lines insurance provider. It is not an individual insurance company, but a brokered market in which over 130 underwriting syndicates both compete and co-operate. This combination enables Lloyd's to offer a wealth of choice, knowledge, experience and expertise under one roof.; Read More...
The Importance of Application Warranties: An application warranty is the legal wording typically found at the end of an insurance application. These warranties are legal representations to underwriters that the information provided in and with the application is accurate and complete. If the information is not accurate and complete, insurers may decline to provide coverage if a claim arises. In completing all types of insurance applications it is critical to ensure that the information provided is accurate and complete.
Reporting Claims: Please remember that all potential incidents that may develop into a claim must be reported to the insurer in accordance with the terms of the policy. Generally, this is requires reporting a claim that has been made as soon as is practical, consistent with the terms and conditions of the policy. In addition, many professional liability policies require the reporting of an incident that could lead to a claim in the future. Not only does diligent claim reporting protect the insured's interests, it also provides an opportunity to head off potentially litigious situations.
Who is an Insured - Professional Liability: Professional liability policies provide coverage to the insured, but who is the insured? While the exact definition of insured varies from policy to policy, the general concept of insured is typically the same from policy to policy.; Read More...
Non-Affiliated Additional Insureds & Professional Liability Insurance: The addition of a non-affiliated organization, such as an insured's client, to a policy as an additional insured can be complicated for standard business insurance coverages. This additional insured provision presents even more complications and limitations for specialty lines coverages such as professional liability insurance. While this article will not provide any definitive answers, it will provide general guidance on the prospects of adding additional insureds to professional liability policies and will identify some of the key issues to both the insured and insurer.; Read More...
Contractual Indemnification & Professional Liability Policies: The underwriters' intent in providing professional liability coverage is to protect the insured from financial loss from liability the insured may sustain from its negligence in providing professional services. The underwriter's intent is not to provide coverage for any other liability, including liability the insured may have assumed under contract.; Read More...
Insured vs. Insured Exclusions: Most professional liability policies, including directors and officers and employment practices policies, contain a provision called the insured versus insured exclusion. This provision excludes from coverage any claim brought by one insured against another insured.; Read More...
Certificates of Insurance: A certificate of insurance is a representation, usually by an insured's agent, that insurance is currently in force. The certificate of insurance provides relevant information to the recipient on the insurance carried by the insured. The recipient can then be comfortable that the appropriate insurance is in place to protect their interests.; For example, a client of the insured might want a certificate to ensure that liability insurance is in place to protect the insured should the recipient need to recover damages from the insured in a lawsuit. Or a lender might want a certificate to ensure that property coverage is in place to protect the insured in the event that the property is damaged.
Professional Liability (Errors and Omissions or E&O) Coverage: Professional Liability insurance is a form of insurance designed to protect professionals and professional organizations from financial loss from their negligence. Professional liability insurance is made up of many segments, and is also called "errors and omissions", "E&O", or "malpractice" insurance. (See our class listing here).; Read More...
Directors and Officers (D&O) Coverage: Directors and Officers (D&O) coverage protects the directors and officers of corporations and other entities against legal judgments and related expenses resulting from allegations of wrongful acts committed in their individual capacity as company directors and officers. Mercator Risk Services writes all types of D&O Insurance coverage (see here).; Read More...
Employment Practices Liability (EPL) Coverage: Driven by an explosion of employment related lawsuits, employment practices liability (EPL) coverage is a new and growing line. Recent legislative and legal changes have provided significant incentives for employees to file employment-related claims, and employers now possess an increased awareness of employment exposures and are receptive to coverage recommendations that offer greater risk protection.; Read More...

Request Information

Bold items are required.

Designed and Maintained by ForeSite