This summer the Big “I” Professional Liability Program and its endorsed carrier, Swiss Re Corporate Solutions, launched a new, state-of-art Insurance Agents E&O policy form developed with IIABA to meet the changing needs of members.  The good news is that current policyholders don’t have to wait until they renew to receive the benefit of some of the enhanced policy provisions at no extra charge.  The reason for this is because of the liberalization clause included in the policy form.  Below is language included in the old policy form (W 1004C 0600) providing those that have not renewed under the new form (SP 4 584 05 10) expanded by benefits.  

VI. LIBERALIZATION

 

If, during the “policy period” we adopt revised provisions for this “policy” in order to afford, without additional premium, broader insurance to all insureds of the types of professionals covered by this “policy,” such provision will apply to this “policy” effective the date the provision has been approved by the appropriate regulatory authority and such revision shall apply only to “claims” first made, or “potential claims” of which you first became aware, after the date of such approval.