PRODUCT: Aon Professional Liability Plus
COMPANY: Aon Affinity, backed by underwriters at Lloyd’s of London
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available through Aon-appointed agents and brokers.
FOCUS: It’s easy to place a professional liability policy for a nurse, CPA or attorney. But what about a canine beautician, private investigator, meteorologist or credit bureau?
If you’ve ever been afraid of losing a professional liability client or prospect because they’re not eligible with your standard carriers, Aon Affinity now offers a solution: Aon Professional Liability Plus.
The new product is designed to help you write previously ineligible, hard-to-place professional liability risks—“enabling you to multiline your clients, thereby improving client satisfaction, sales results and retention rates,” says Chuck Brady, senior vice president, Aon Affinity.
Brady says Aon Affinity has “some of the largest books out there” for traditional professional liability risks like lawyers and accountants. “But internally, we had this flow of applications from our current insureds that didn’t fit the standard programs,” he explains. “These applications would come in and we would have to take them out and place them in an open-brokerage scenario, which was not very efficient.”
Based on its substantial presence and experience in the professional liability space, Aon made a move to fill the gap between those larger programs, providing a solution for “the lines of business that don’t fit neatly into the major categories we already wrote,” Brady explains.
UNDERWRITING: Coverage is tailored to meet the needs of each unique profession. Limits range from $100,000 to $5 million, with deductibles starting at $1,000. Sub-limited coverage includes disciplinary proceedings, regulatory inquiries and subpoena assistance. The policy provides protection against personal injury lawsuits, including coverage for advertisement copyright infringement and fraud for innocent insureds, as well as a consent to settle clause with 50% sharing of damages and defense costs. Full retroactive date coverage is available, as is an extended reporting period option of up to five years.
Submission requirements include a completed application, plus a supplemental application for certain classes; five-year loss runs; a copy of the applicant’s standard contract; and a copy of all principals’ resumes for businesses with less than three years of experience.
“We’re taking apps now, and we can usually turn them around within 72 hours,” Brady says. “If there’s a rush, we can certainly push something through more quickly. We’re also paying competitive commissions when we work with brokers.”
MINIMUM PREMIUM: $1,000.
TARGET: More than 300 classes of miscellaneous professional businesses, including technology professionals, management consultants, property managers, media professionals, real estate agents, tax preparers, hairstylists, insurance agents, software developers, benefits plan administrators and more.
The ideal client is a small to midsize professional firm with less than $20 million in revenue, but “we’re really just looking for professionals—people you pay based on their special skill and knowledge,” Brady explains.
COVERAGE TERRITORY: All 50 U.S. states.
CONTACT: Chuck Brady, senior vice president; Aon Affinity, Professional Firms, 159 East County Line Road, Hatboro, PA 19040; 215-773-4182.
Jacquelyn Connelly is IA senior editor.
