Buying or selling an insurance agency or its book of business is, to say the least, a major decision. There are a host of factors for both the buyer and the seller to consider: the value of the business, a price point, personnel questions, property-related aspects, time commitments, and many other issues to investigate, assess,…
In some cases, the agency has really made a mistake, but in others the agency is a victim of circumstance and in hindsight would have behaved the exact same way. How you react and handle the situation, however, can ultimately determine the outcome and provide a basis for changes in the agency’s operations that will…
I admire a person who can admit it when they’re wrong. In fact, it’s an important part of a healthy relationship. However, there’s a unique relationship that requires a delicate balance between a full mea culpa and outright denial. This is the insurance agent-customer dynamic in the face of an Errors & Omissions claim.
In today’s increasingly litigious world, even clients you have a solid relationship with can file an errors & omissions (E&O) claim against your agency if they believe you made a mistake, or the carrier denies coverage for a claim they believe their policy should cover.
By: Chris Boggs Because of the questions surrounding insurance protection for COVID-related claims, agents from around the country are considering including COVID-related disclaimers in proposals, renewals, and any other document intended for prospects and clients. While this may seem a timely and effective method for avoiding errors and omissions (E&O) problems from COVID claims, in fact,…
By: Richard Lund Building material costs have increased dramatically during COVID because supply has not been able to keep up with demand for many reasons. As a result, IIABA’s Risk Management department, in conjunction with Swiss Re, recently provided a sample letter agents could use to notify their clients that current replacement cost limits may be…
By: Matthew Davis Brand consultant David Airey once said: “Without professionalism, I’d be an amateur, and the clients I want don’t hire amateurs.” But here’s the thing about having a professional as a customer: They expect you to be a professional too and will hold you to the same standard they are held to. Bear this…
By: Caryn Mahoney Brand consultant David Airey once said: “Without professionalism, I’d be an amateur, and the clients I want don’t hire amateurs.” When thoughts turn to spring and your clients take out the big boy and girl toys—motor homes, boats, jet skis, motorcycles, RVs, ATVs, and golf carts—they need to make sure they have the…
By: Chris Boggs Focus is key! From an errors and omissions (E&O) perspective, agents cannot lose focus during this disrupted work setup. Working from home does not change the fact that all procedures and processes that apply in the home office also apply at the “home” office. From now until we are released from our lockdown…
By: John Spiehs “You’re gonna need a bigger boat” is probably the most famous line from the movie “Jaws.” As Roy Scheider glimpses the great white shark for the first time, the look of fear on his face is priceless, realizing they’re in over their heads and facing a catastrophic ending. Some people may not consider…
