AA&B survey: Perilous times make agency E&O a must

Most respondents to a recent AA&B survey maintained agency E&O insurance and more complex coverages, including prior acts, first-dollar defense, carrier insolvency and defense outside the limit.

By Laura Mazzuca Toops, Broker Editor | Updated on May 05, 2010

In clear recognition of the complex liability exposures that are part of doing business in today’s world, more than 96 percent of independent insurance agents and brokers responding to a recent online survey said they carried agency E&O insurance. Additionally, more were carrying more comprehensive coverages, including prior acts (69 percent), first-dollar defense (58 percent), aggregate deductibles (51 percent), carrier insolvency (50 percent) and defense outside the limit (47 percent).

The survey, conducted by American Agent & Broker as part of its May “Agency E&O” issue, was conducted online in April. More than 500 readers completed the survey.

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