Your client has the gold star of homeowners coverage: special form coverage, replacement cost on dwelling and contents, and inflation guard. The carrier does its magic at renewal and voila! The coverage limits are increased each year.
“Once the toothpaste is out of the tube, it’s tough to get back in,” H.R. Haldeman, White House chief of staff under the Nixon Administration, famously observed. Half a century later, employers are finding the truth in the expression as they struggle to get their employees—many of whom were sent home to telework during the…
“Full coverage.” Does that phrase sound familiar? It should because we’ve heard it said by claimants in errors & omissions claim after errors & omissions claim. Why does the insured have inadequate limits?
By: Richard Lund This may seem like an unusual way to start a discussion about insurance agents’ errors and omissions risk management, so please bear with me. The more lengthy monologue, delivered by the character Jacques in William Shakespeare’s play “As You Like It”, says: All the world’s a stage,And all the men and women…
Agencies have many options available for the placement of their E&O coverage. For some agencies, one of the options is purchasing E&O coverage directly from one of their appointed carriers. However, this approach can be a double-edged sword. This article covers some of the inherent conflicts of interest in this decision.
How long to keep policy information continues to challenge today’s insurance agencies and brokerages.
Agency owners often ask, “How long should I keep expired insurance policies?” When we’re talking about liability policies, the new answer may be “forever.”
What is the agency’s responsibility if the insurance carrier alters coverage at renewal? Most state statutes require the insurance carrier to notify the insured – not the agent. But should the agent undertake any action.
CLUE Reports are a common underwriting tool. According to research, more than 80 percent of consumers are unaware these even exist. Further, those who do know they exist likely don’t know much about them. This article provides basic information necessary to educate your clients.
When there are changes in policy conditions related to coverage, price or other terms and conditions, most states require the insurance carrier to notify the insured a specified amount of time before renewal. These are known as conditional renewal guidelines. All but four states address this in statute.
