Independent Brokers and Independent Managers maintains Errors and Omissions Insurance for its Insurance and Reinsurance Broking and Management activities, under a Policy (Form IB Overseas NMA 2040/2041), effected with Certain Underwriters at Lloyd's of London and the current period is for twelve months effective June 1 2007.
The Policy Indemnity Limit is $5,000,000 with a basic deductible of $100,000 each and every claim. Policy extensions include Dishonesty of Employees, Loss of Documents and Libel and Slander.
The wording has been specifically amended to include advice given and services performed in relation to the formation of Captive Insurance Companies. This brief description is subject to actual policy documentation, which defines the extent of coverage available.