This expert witness jumped headfirst into her line of work. As she learned more about the insurance business from a legal standpoint, she was concerned to see how exposed agents are to errors & omissions (E&O) lawsuits. And thinking back, she realized how little training agents receive to protect themselves. Read on for E&O tips…
Why would an agency owner want to undertake an agency errors & omissions audit? Read this auditor’s top reasons an agency should embrace the practice of an internal audit by an external consultant or trained internal employee.
Almost two years ago, the author authored the article “An Agent Call to Action: Underinsurance” which appeared in this publication as well as a couple of other blogs. Essentially, he was reacting to the evolving underinsurance nightmare confronting the homeowners who lost their homes in the Marshall Fire near Boulder, Colorado. As time passes, there…
Insurance agents’ website and marketing collateral wording continue to generate errors & omissions claims. This article provides insights into the management of your website wording. Remember, few copywriters or social media mavens understand insurance law, let alone the standard of care courts hold agents to in their jurisdictions. This article can help.
Most agency errors & omissions claims have some commonality. This article presents a few examples you can use to prevent a potential claim against your agency when managing client signatures.
Correctly naming your insured is only one issue that can get you sued. Our author highlights some key areas of concern for agents to prevent an errors and omissions claim.
Many agency problems arise over claims. The agent’s duty to report claims to the carrier can be one area that can generate many different scenarios and opinions. Failure to timely report a claim to the insurer can generate an errors and omissions claim or can damage your relationship with your insurer. Recommending your insured report…
Increasingly inclement weather, civil disobedience, electrical grid failures – all these problems can create a nightmare for insurance agents. Not only will these events impact your clients, but your agency’s staff and its agency management system may be unable to handle the flood of incoming calls and email requests for assistance. Every agency needs a…
COVID-related supply chain issues have dramatically increased the cost of building materials. The result, replacement cost limits on property policies may be too low for the foreseeable future. How should an agency respond when talking with their clients about this issue?
ISO’s Commercial Property Conditions (CP 00 90) gives the insured up to two years to file suit against the insurance carrier. Should the agent advise their insured on this limitation? The answer might surprise you.
