on the economic challenges over the past few years, we thought it prudent
to point out the "Insolvency Exclusion" – Section III, #16 of your Utica
continually reviews the economic rating of AM Best Rated carriers and the
financial standing of Non-rated Companies, Self Insured Funds, Self Insured
Groups and Risk Purchasing Groups. This review allows Utica to
maintain an internal list of acceptable carriers/entities that either automatically include insolvency coverage or if approved, can be endorsed to your policy.
Exclusion #16 of your policy states that you have
insolvency coverage for all business placed with entities rated "B" or
higher by AM Best and government bodies (i.e. FAIR Plan, WC Pool, JUA's,
etc.) at the time of placement, which is the most recent coverage
effective (New or Renewal) date. To understand where insolvency
coverage is excluded, we recommend all insured read the exclusion.
Can the Insolvency
Exclusion be endorsed back onto the policy?
In some cases –
If you are doing business with a Non-rated company, coverage may be
available. You must make a written request to your Utica
Underwriter including the names of the Non-rated companies you wish to
If approved, ENDORSEMENT
14-E-1088 – AMENDMENT OF INSOLVENCY EXCLUSION – EXCEPTION FOR SPECIFIED
"NR" RATED ENTITIES will be added to your
policy. There is no charge for this endorsement but again, you must
request coverage for all carriers in writing.
Can this apply to
any Self Insured Funds, Self Insured Groups, or Risk Purchasing
Groups? In some cases – yes!
You must make a written request including the names of these groups you
wish to cover. If approved, ENDORSEMENT 14-E-0058
- INSOLVENCY COVERAGE FOR SPECIFIED ENTITIES will
be added to your policy. There is usually a small additional premium
based on the amount of volume placed through these entities.
Utica's approval list is constantly updated and if you are placing business
with NR carriers and other specified entities – you should review your
policy and/or speak with your Utica underwriter to see if coverage can be
information applies to the P & C Standard policy only and does not
apply to the Life E&O or Protector E&O programs offered by Utica.
For assistance with the E&O
Program, contact Ellen Stoppel or Michelle St. Angelo at email@example.com or firstname.lastname@example.org or call