Aspen, BRP link up to boost agents and brokers

Program administrator Business Risk Partners (BRP) has revealed that it is offering an expanded professional liability form for insurance agents and brokers via Aspen American Insurance Company.

A release said that the new offering leverages “BRP’s deep experience in this market segment and excellent service standards coupled with Aspen’s expertise, resources and proven claims handling ability.” Aspen is additionally backed by an A.M. Best AXV rating.

The policy offers $10 million in capacity for primary or excess placements with no minimum revenue threshold. The product provides coverage for a broad range of insurance agents and brokers, including life and health agents, property and casualty, wholesalers, consultants and MGA/program administrators.

Notable enhancements to the form include:

• Built-in cyber extension coverage with a $150,000 limit.
• Deductible reduction coverage, up to 50% on each claim.
• Broad definition of professional services, including claims handling, risk management, third party administrator, COBRA administrator and coverage for web-based content.
• Broadened insolvency coverage.
• Increased coverage for administrative proceedings, subpoena inquiry and court attendance costs.

“Our partnership with the Aspen team is a logical next step. We know how talented they are from a history of first working with veteran members of the team nearly a decade ago,” said BRP president and CEO Lisa Doherty.

“We saw this opportunity with BRP as a way to extend our expertise in professional liability, claims resolution and service to insurance agents, a previously untapped market for us,” added Aspen executive vice-president, global head of professional & management liability Bruce Eisler. “After listening to what Lisa and her team required, we were able to deliver a creative and custom solution that both enhances BRP’s product offerings and our long-term partnership.”