KANSAS CITY, Mo.--(BUSINESS WIRE)--June 13, 2005--GE Insurance Solutions announced the launch of an innovative product designed to help mortgage originators protect their reputations today at the annual convention of the National Association of Mortgage Brokers in Minneapolis, Minn.
The new GE Insurance Solutions product offers errors and omissions professional liability cover for mortgage loan originators and brokers. Mortgage originators provide service to homeowners seeking to secure loans from lenders. These professionals depend on their reputations in the marketplace to attract and retain customers.
"Errors & omissions coverage for mortgage originators has traditionally been underserved," said Robin Sterneck, business leader for GE Insurance Solutions Professional Liability business. "As the number of mortgage origination professionals has increased recently, so has the number of legal actions. Mortgage originators will benefit from an insurance product that offers financial cover and helps protect their reputations."
Any individual or entity that provides a professional service to a third party may have "errors and omissions" exposure, including lawyers and insurance agents. GE Insurance Solutions offers the security gained through 35 years providing professional liability coverage to these professional groups.
In addition to expertise in writing professional liability E&O cover, GE Insurance Solutions offers convenience: the application and underwriting process is automated. Individual applicants can apply for coverage online at www.giffordwells.com and receive their results within minutes.
"The unique aspect of the program is the online processing," said Eric Gifford, President, Gifford Wells Insurance, the insurance broker for the program. "In addition, originators and brokers pay their premium based on the number of closed loans versus an annual premium."
About Gifford Wells Insurance
Gifford Wells Insurance is a specialized independent insurance agency that provides a variety of insurance products and services to protect the property, finances and reputations of professionals. More information is available about the company at www.giffordwells.com. Visit Gifford Wells Insurance at the NAMB annual convention, booth number 246.
About GE Insurance Solutions
GE Insurance Solutions protects people, property and reputations. With more than $50 billion in combined assets, the GE Insurance Solutions group of companies is one of the world's leading providers of commercial insurance, reinsurance and risk management services. Combining deep practical risk expertise with GE's business acumen, our dedicated professionals in 28 offices around the globe help customers understand and manage risk more effectively. More information is available at www.geinsurancesolutions.com.
Contacts
GE Insurance Solutions
John Novaria, 816-448-7608
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340