Insurance Services Liability

Insurance Services Liability protects against losses resulting from Wrongful Acts in rendering or failing to render Insurance Services performed by the Insured as an insurance agent, insurance broker, insurance consultant or managing general agent, including:
  • Sale and placement of insurance;
  • Identification, analysis and evaluation of a client’s insurance needs, including work performed for prospective clients;
  • Appraisal of property and inspections for insurance purposes;
  • Adjustment of claims on behalf of insurance companies, including loss payments; or
  • Arrangement of premium financing for clients
 

Sample Endorsement
Coverage Summary

Claims Examples
  • A bank purchases an insurance agency to sell auto and homeowners insurance to its customers. In transitioning to a new computer system, the agency fails to act upon a renewal date and a customer’s homeowners insurance lapses. When the customer experiences a loss and is unable to collect, he sues the bank and the agency for negligence.
  • A small business owner purchases a policy from the bank’s insurance agency, but does not buy business interruption coverage. After his plant has a fire, he sues the agency, alleging that the agent never explained the need for such coverage.
Features
  • Available as part of the Bankers Professional Liability endorsement; part of the Broad Form Company Liability endorsement; or as a separate endorsement to the D&O Policy.
 

Notwithstanding any language to the contrary, nothing contained herein constitutes nor is intended to constitute an offer, inducement, promise, or contract of any kind. All coverage descriptions and claims examples are provided for informational and educational purposes only and are not a representation as to coverage for any particular claim and are not represented to be error free. Coverage for any claim is determined upon the specific facts of the claim, the terms and conditions of the policy and applicable law. For details on the coverage provided by your specific contract of insurance, please refer to your policy. Coverage is subject to underwriting guidelines and may not be available in all states. Limits may be capped for underwriting reasons. Any links to any sites which are not originated by ABA Insurance Services Inc. (ABAIS) are provided only as a courtesy and are not intended to nor do they constitute an endorsement by ABAIS of the linked materials.