- Other News and Updates
- NAMICO’s Insurance Agent’s Errors and Omissions Coverage Assists Producers
NAMICO’s Insurance Agent’s Errors and Omissions Coverage Assists Producers
Columbus, Ohio, February 9, 2018: Tim Sullivan, President and CEO of NAMIC Insurance Company, Inc. (NAMICO), is pleased to announce that NAMICO continues to support producers’ efforts to expand the number of markets competing for their business through insolvency coverage for business placed with carriers rated S or better by Demotech, Inc.
NAMICO’s latest Agents & Brokers Liability Insurance form, which will be available April 1, 2018 in all states covered by the NAMIC Insurance Solutions Professional Liability Insurance Program, expands upon the 2010 form’s acceptance of insurance companies rated A or better by Demotech to include insurers rated S or better. The use of Demotech in the insolvency clause is not a new development for NAMICO; the Demotech rating has long been accepted by NAMICO as a valued indicator of a company’s stability and creditworthiness.
According to Sullivan, NAMICO is pleased to expand its coverage to include these additional insurers, recognizing the increasing number of small mutual insurers, Risk Retention Groups, privately held stock insurers, and group captives that turn to Demotech to provide fair and honest evaluations of the entity’s solvency and trustworthiness. “And best for our policyholders, this enhancement, one of many in the new policy form, will be made at no cost to our insureds!”
Demotech’s President and co-founder Joseph Petrelli is appreciative. “NAMICO and Sullivan have completed their due diligence of Financial Stability Ratings®. They have sided with agents and producers by offering contemporary E&O coverage provisions that meet the needs of agents countrywide.”
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable, and proven Financial Stability Ratings® (FSRs) to Property & Casualty insurers and Title underwriters. Demotech’s philosophy is to review and evaluate insurers based on their area of focus and the execution of their business model rather than solely on financial size. Visit www.demotech.com for more information.
About NAMICO and NAMIC Insurance Solutions
NAMIC Insurance Solutions – NAMIC Insurance Agency and NAMICO – provides professional liability insurance for insurers, agents, and other company and insurance industry partners. NAMICO was formed in the mid-1980s in response to the liability insurance market crisis, to provide a stable market for the protection of the insurance industry. The Program is available in almost all states.
NAMIC Insurance Solutions offers D&O, Insurance Company Professional Liability, Agent E&O, Employment Practices Liability, Fiduciary Liability, and Data Breach insurance products. Creative Solutions and Outstanding Service are more than just a slogan; these words define how we do business.