December 2020
Connections | Solutions | Results
Custom solutions for Professional & Management
Liability Insurance needs.
2020 in Review - Client Success Stories

See below for examples of how we helped our clients throughout the year.
Broker/Dealer E&O, $60,000

An internal broker dealer was set up to take advantage of potential referral income for an insurance agency providing 401K consulting and sales. Since the agency used another broker dealer, they felt they had less risk than a traditional Broker Dealer. Given the hard market, it was a very difficult to place risk. We brokered down the true risk and provided mitigating information to get the underwriter comfortable. Despite 15 + markets wanting deductibles and premiums, we were able to find a solution.
Software Developer/Cyber Tech, $30,000

A $2.1 revenue software developer had contracts requiring $13M in limits for cyber and separately $7M for Tech E&O. This was written through 5 separate primary and excess policies and was overpriced. Additionally, the coverages were not coordinated and would've had separate counsels and deductibles on every claim for the various policies. We put the tech and Cyber on the same policy and got creative with $7.5M primary and $5.5M excess to cover the requirements in the contract.
Insurance Agency, Long Term Care and Life Insurance/E&O, $50,000

The client had three separate E&O policies that were not adequately covering the professional services being provided. We had a short time frame as the directive from the CFO. Two weeks exactly to go to market, we provided alternative E&O options. We secured competitive E&O quotes for $3M limits and went to excess for the other $2M to met the $5M limit requested by the CFO.
Insurance Agency & Brokerage E&O, $60,000

An agency received notice that their carrier was moving their current paper to a new carrier. For the past 5 years, the agency's carrier has changed their insurance paper 3x. We went to our E&O markets and found a comparable carrier that offered additional pros such as no insolvency clause and an additional $2M DOL that was lower in cost than their expiring policy.
Insurance Agency & Brokerage E&O, $65,000 Additional Premium and $67,000 for Excess, Total: $132,000

The Client added a new MGU that needed to be evaluated and reviewed by the incumbent carrier. We drilled down with the client exactly how his new MGU would work and because we understood all the moving parts and explained it to the incumbent carrier, we had the new MGU approved to be added as an additional insured to the current E&O policy.

In addition to adding the MGU to the incumbent carrier's policy, we had to secure an additional $5M in excess coverage since the MGU had the ability to work with limits up to $15M.
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info@axisins.com | 201-847-9175
Axis Insurance Services, LLC is a professional and management liability insurance brokerage that designs tailored coverage solutions aligned with your specific insurance goals as you expand and grow your business. We can easily identify coverage gaps in your current policy and help you prioritize and choose appropriate limits, putting into place a successful program to manage and address your risks. Our experienced team of insurance professionals has received consistent accolades from clients for our dedication. Contact us today to see how we can help protect your business from a business climate fraught with litigious claims and emerging risks.
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In California and Texas as NJ Axis Insurance Services, LLC.
In Illinois as Axis Insurance Services of New Jersey, LLC.
In New York as NJ Axis Insurance Agency
New Jersey Corporate License #OP-9948294. | California Corporate License #OD-79693.