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Selling your agency? Merging with another agency?
Selling your agency? Merging with another agency?
04.29.2024Read your E&O policy carefully!
If you are considering selling your agency, merging with another agency or in some way changing the ownership of your agency, a quick review of your Error & Omissions policy is in order. Most E&O Insurance policies have specific requirements about notification to your carrier when there is a change in control as well as terms that affect ongoing coverage.
In the case of your CITA Insurance Agents E&O policy underwritten by Arch Insurance Company, when a change of control of the Named Insured occurs, your policy will continue for 90 days, but only with respect to Wrongful Acts that occurred prior to the effective date of the change of control. The policy provides 90 days to provide notice of the change in control to us with any information we require (for reference see Conditions section K of the policy).
Don't find yourself or your business without coverage! Notify your agent or your underwriter directly if the ownership of your business is changing. Learn the options available to you BEFORE the change occurs to better protect yourself.
All information provided in this blog is for informational purposes only. The sources used are presumed acccurate. CITA Insurance Services, Brown & Brown Program Insurance Services, Inc. and Brown & Brown, Inc. will not be liable for any errors, omissions, losses, injuries or damages arising from its display or use and will not assume responsibility for any misguided information. No guarantees are implied.
Written by
CITA Insurance Services
Published April 2024
