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CalSurance Launches National Errors & Omissions Coverage for Broker-Dealers With 75 or Fewer Registered Representatives.

ORANGE, Calif. -- Previously Difficult Coverage to Find; Quotes Processed Within 10 Business Days

CalSurance, a national insurance sales, service and support organization comprising many diverse and specialized programs, today announced that it has launched a specialized errors and omissions program for broker-dealers with 75 or fewer registered representatives. CalSurance and Quanta Specialty Lines Insurance Company have teamed up to offer this program.

"E&O coverage for smaller-sized broker-dealers and their sales forces has been very difficult to find until today," said Nancy Evans, vice president of programs, CalSurance. "To make the program even more rewarding, we typically will be able to turn around quotes within 10 business days rather than the 30- to 45-day waiting period that broker-dealers and registered reps of this size are accustomed to."

The E&O program provides protection against claims arising out of acts, errors or omissions in the rendering of professional services by a broker-dealer, its registered representatives, RIA's or insurance agency. It is designed as a shared-risk arrangement written as a master policy with an aggregate limit of liability encompassing all risks.

Evans said the program offers up to $1 million in limits of liability and has deductibles starting at $25,000 for broker-dealers and $5,000 for registered representatives, with a $20,000 minimum premium. Other select features of the program include duty to defend civil proceedings, supervisory coverage for the broker-dealer that extends to terminated, retired and disabled registered representatives, and coverage for libel, slander and defamation.

In addition, CalSurance can also offer the Fidelity Bond coverage that every broker-dealer is required to carry. Written through Quanta, the basic policy includes coverage for fidelity, on premises, in transit, forgery/alteration, securities forgery and counterfeit currency. Computer fraud and extortion are available for an additional charge. By offering both the E&O and the Bond, CalSurance provides broker-dealers with one-stop shopping for these two critical coverage needs.

For an application for this program please visit the CalSurance website at www.calsurance.com.

About CalSurance

CalSurance and Lancer Claims are divisions of Brown & Brown of California, Inc. (www.bbinsurance.com). Brown & Brown, Inc. is ranked by "Business Insurance" magazine as the nation's eighth largest insurance broker. CalSurance provides program management, claims, and risk management services. The company is licensed in all 50 states. With more than 45 years of proven success and nearly $150 million in annual premium, CalSurance services more than 100,000 sales and services professionals across the United States. CalSurance is a top program manager for several insurance carriers, including Fireman's Fund Insurance Company, Arch Insurance Group, and Zurich Insurance Company.

About Quanta Capital Holdings Ltd.

Quanta Capital Holdings Ltd., a Bermuda holding company, provides specialty insurance, reinsurance, risk assessment and risk consulting products and services through its subsidiaries. Through operations in Bermuda, the United Kingdom, Ireland and the United States, Quanta focuses on writing coverage for specialized classes of risk through a team of experienced technically qualified underwriters. The company offers specialty insurance and reinsurance products that often require extensive technical underwriting skills, risk assessment resources and engineering expertise.
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Publication:Business Wire
Date:Jul 27, 2004
Words:510
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