Some folks from the CIRMS group discussed below presented a paper at a recent seminar on Telework Risks and Liabilities. Within that paper was a sample Office Technology Policy. They have graciously allowed me to share it with you for your review and possible use. This is just another example of the wealth of information shared…
Throughout the soft market, rates dropped and companies endured increasing losses as the price to pay for cash flow and market share. Now carriers are reacting to loss ratios much more intensely. Reserves will be adjusted and agencies will be targeted for action as carriers try to reserve their shrinking capacity for agencies that have…
When proof of insurance is requested, which is most appropriate, the ACORD 27 – Evidence of Property Insurance or the ACORD 75 – Insurance Binder?
An agency has had several requests from mortgage brokers and lawyers asking for binders showing the new mortgagee without having set closing dates on new loans. They insist that the binder and not an Evidence of Property Insurance form be provided before they will set a closing date. Do they have an insurable interest in…
CLUE reports, like MVRs, have become a staple of most personal lines underwriters. However, what happens when someone discovers an error on a CLUE report? What are the ramifications for declining an account based on inaccurate information and what can the consumer do to get the problem corrected?
Quite a few agencies now practice agency underwriting by establishing minimum limits that they will write for auto, CGL, etc. There are definitely advantages to doing this and, in general, it’s a great idea. However, there can also be pitfalls that agents should be wary of….
Recently, our “Ask an Expert” service received a simple, one-sentence question: “How do you get your submissions noticed by an underwriter?” In this article, we’ll give you some tips from our expert faculty, underwriters, and fellow agents on how to submit an account that floats rather than sinks.
Your agency/company contract has been amended as follows: “The Agency shall have no authority on behalf of the Company to provide new coverage or increase existing coverage when the National Weather Service has issued a tornado warning, tropical storm watch or warning or hurricane watch or warning for an area within a 200 mile radius…
When a commercial lines client requests an agency to run an MVR on a new employee in conjunction with adding him/her as a driver to the BAP, the agency may be able to do so without the written permission of the employee. That is, under the FCRA, Section 604, it’s legal if necessary to “the…
Do you ever call customer service for a company and get a message that the call may be recorded or monitored? Most likely this is a quality control function and something you may do in your own agency to measure your customer service or E&O exposure. Keep in mind that there are legal ramifications of…
