Insurance brokerage for managing general agents
Your E&O Policy Should Reflect the Work You Perform Under Delegated Authority
Send one issued policy ahead, usually your E&O, declarations and endorsements included. In one free hour, we examine that policy's wording and discuss the other points of our annual 8-Point Stress Test from what you tell us about your program. You keep the findings and a fix list for the policy you send, whether or not you appoint LION.
- Strengths in the policy you send
- Any wording gaps identified in that policy
- A fix list for that policy, which you keep
One hour. No obligation. Confidential. Your current broker is not contacted. You keep the findings.
$250M+
recovered in financial institution claims LION has handled
8 to 12
material gaps found in a typical program LION reviews
20+ years
of founder experience placing financial institution coverage
1 policy
is all you send to begin the free assessment
Before a claim tests your coverage
Expanded authority can leave your policy describing the business you used to run
- Have underwriting or administrative activities expanded since you placed your policy?
- Are delegated-authority agreements and professional-services wording reviewed separately?
- Have premium handling, reporting, and audit responsibilities been considered in your coverage review?
A routine renewal can carry a mismatch into another policy period. When an allegation arrives, the work you performed and the wording you bought both matter. If you also send your delegated-authority agreement, we compare the relevant duties with the E&O wording. Otherwise we use the responsibilities you describe.
The 8-Point Stress Test
Eight questions, every client program, every year. The policy you send is read at the highlighted point; the rest are discussed from what you tell us.
Professional liability
Check that your professional-services wording reflects delegated authority
Your professional-services definition needs to reflect the delegated activities you perform: underwriting, binding, claims administration. We read that definition, and any exclusions or limitations that touch those activities, against the work you describe, and mark the wording that needs negotiating.
What we check in your policy
Your professional-services definition against the delegated activities you describe
Any exclusions or limitations affecting underwriting, binding, or claims administration
Potential claims by your carrier and by policyholders arising from the activities you perform
Authority and obligations
Read the obligations that come with the authority
Premium handling and trust, bordereaux and audit duties, capacity that can be withdrawn. Expansion can change your responsibilities before renewal. We read the E&O policy you send for the provisions that would respond to claims arising from those responsibilities, and flag the questions that need other documents.
What we check in your policy
Premium handling and trust responsibilities against provisions in the E&O policy you send
Bordereaux, reporting, and audit responsibilities as sources of claims
What the submitted E&O policy says about claims made after your carrier relationship ends
What the assessment checks
Does your E&O wording reflect your delegated work?
We read the policy's professional-services definition, exclusions, and relevant conditions against the responsibilities you describe. If you also send your delegated-authority agreement, we compare the relevant duties with that wording. You keep any findings and a fix list for the policy reviewed.
One policy
plus the authority agreement, if you send it
Method, not a testimonial: this is what the hour checks for an MGA.
One policy, one hour
What to send
Send one issued E&O policy, declarations and endorsements included. If you have it to hand, your delegated-authority agreement too, so the relevant duties can be compared with the wording. That is the whole preparation.
Within the 8-Point Stress Test, the policy is read through five questions. The remaining points are discussed from what you tell us about the program.
The five questions
Prefer an introduction first?
Discuss the responsibilities your MGA's insurance needs to address.
Choose the introduction if you want to discuss fit before sending a policy. Spend 15 minutes with Mark Flippen discussing your priorities and whether LION's approach fits your institution.
No policy required. The introduction does not include policy findings or a fix list.
Ready to send a policy? Book a Free Assessment. Send one issued policy ahead; in one hour you receive findings and a fix list for that policy.