Just renewed my E&O policy and noticed they added some new exclusions. Anyone else seeing carriers get more restrictive on what they'll cover? My policy now specifically excludes "investment advice" and "financial planning" which seems odd for utility consulting. Also excludes any work related to renewable energy certificates or carbon credits. Not sure if this is industry-wide or just my carrier getting nervous.
E&O policy exclusions to watch out for
Greg, I've seen similar changes. My carrier added exclusions for anything involving energy derivatives or hedging strategies. Problem is, some of my Xcel Energy clients want advice on budget billing programs and fixed-rate contracts. The line between utility consulting and financial advice is getting blurry. Might need to find a more specialized carrier.
The renewable energy exclusions are becoming common. Had TVA ask me to analyze some solar net metering scenarios last month and had to decline because of policy language. It's frustrating because renewable integration is becoming a big part of utility rate design. We're getting left behind if we can't touch that work.
Terry makes a good point about renewable work. Alabama Power is starting to offer more solar programs and the rate structures are complex. If E&O policies keep excluding this stuff, we'll need separate coverage just for renewable consulting. That gets expensive fast. Might be time to look into forming a group to negotiate better coverage.