Professional liability underwriters assess risks for specialized professionals and ensure coverage for liabilities not covered by general liability insurance. They require experience in risk analysis, insurance training, and a property and casualty license. The RPLU designation is often pursued for this profession, and analytical, communication, and customer service skills are essential.
A professional liability underwriter examines the potential risk posed by services offered by specially trained professionals such as lawyers, architects, software engineers and accountants. To become a professional liability underwriter, you must have experience in risk analysis and insurance training specific to the professional liability market. Most insurance companies require professional liability underwriters to obtain a property and casualty license. Most insurance underwriters obtain the RPLU (Registered Professional Liability Underwriter) designation to work in this profession.
General liability covers material, personal, bodily and publicity damages. Professionals such as lawyers and accountants are exposed to liabilities that are not covered by general liabilities. If they make mistakes while performing their services, they may cause loss or damage that does not fall under general liability coverage. Professional liability helps fill this coverage gap.
To become a professional liability underwriter, an underwriter must know the different types of professional liability insurance and how they suit the needs of different customers. An insurance underwriter learns about these different types of coverage through classes, in-company experience, and ongoing training. Most insurance carriers that offer professional liability insurance will provide training to underwriters specific to their particular liability product.
Professional liability insurance is accident coverage. As such, liability underwriters are typically required to obtain a property and casualty license. A license is obtained by completing a course and passing an exam administered by a government agency in charge of insurance licensing.
Most underwriters choose to follow the RPLU designation to become a professional liability underwriter. To obtain the RPLU designation, underwriters are required to study courses approved by the Professional Liability Underwriting Society (PLUS) and then pass the relevant subject exams. Professional liability underwriters often study for the RPLU designation as a post-employment requirement to become a professional liability underwriter.
Excellent analytical skills are also important for professional liability underwriters. They are invited to collect information and assess the potential risks associated with each client. They frequently interact with agents and customers, so they need excellent communication and interpersonal skills.
Underwriters are generally responsible for ensuring compliance with policy requirements; therefore, a keen attention to detail and the ability to consistently track assignments are vital to becoming a professional liability underwriter. In addition, underwriters are often required to act as intermediaries between the insurer, the customer and the broker in claims matters. Customer service skills are important because the professional liability underwriter is tasked with dealing with the broker’s partners and their customers.
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