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.
Do you know why that Privacy Notice is on your website? Or are you one of many that haven’t taken the time to even put one there? Would you be surprised to know that this is effectively mandated by federal law?
An agency has both a premium trust account and an operating account at a local bank. The agency owner has been told by some other agents that separate accounts are not necessary. Is this correct? Is it a legal issue or a “best practices” issue?
Over the years I’ve seen many agents spend thousands of dollars on a Procedures Manual,… one you’ve bought…one you’ve paid a consultant to come in and do…or one you’ve struggled for years to implement but can never quite seem to get there. And you know why…
Unless there is a legal requirement, is there a reason to issue a written binder on an account? We posed this question to the VU faculty and got a mixed bag of responses. What do you think?
