QBE North America, in partnership with Stateside Underwriting Agency, has announced a new Errors & Omissions (E&O) program designed to provide coverage for property managers, including those involved in construction and property development.
The program, offered on an admitted basis, includes primary policy limits of $5 million per claim and $5 million in aggregate. Target policyholders include property management professionals and those offering related services, such as residential real estate agent or broker services, property development management, construction management, and leasing services.
Chad Gaizutis, vice president at Stateside Underwriting Agency, said that the partnership utilized the two companies’ expertise in niche products and markets to create an insurance program that offers customized coverage for property managers to help them in addressing various hazards and exposures.
“We are thrilled to launch a new E&O program that addresses the dynamic needs of property managers and enhances their capability to mitigate risks effectively,” said Danielle Librizzi, head of professional liability at QBE North America.
The E&O insurance market was once put on the backburner but is now stepping into the spotlight. Since 2022, the market has seen a significant increase in demand, as well as a reduction in carrier capacity as more companies expanded their professional services and take on new risks not usually associated with their operations.
In an interview in 2022, Meredith Brown, then SVP and head of National Accounts E&O/Cyber and Lawyers Professional Liability at QBE North America, said that the market back then was not really underwriting to E&O risk because cyber risks were much more in demand.
“Then the claims started rolling in, and of course, that’s when people’s attention turned to E&O,” she said. “The market is starting to realize they skipped a beat and forgot to underwrite to an exposure that’s quite significant.”
Brown said that she expects the demand for professional liability/E&O to continue to evolve. She added that specialization and strong collaboration with claims experts will be a market differentiator as more E&O claims roll in.
