By: Richard Lund You’ve heard that phrase over and over, and while it may be a cliché, it doesn’t make it any less true. And it can be especially true when you are trying to do everything you can to prevent an E&O claim. While you’ve heard from many sources that one of the best…
By: Richard Lund Question: My E&O policy doesn’t mention whether unlicensed employees are covered. And since it doesn’t mention them, does that mean they don’t need to attend the E&O risk management seminars? Answer: The Swiss Re Corporate Solutions/Westport Insurance Corporation E&O policy specifically does not mention unlicensed or licensed employees because all agency staff are…
By: Richard Lund While it is impossible to address every possible situation that might occur in this discussion, let’s look at a very simple example: A customer of the agency has a claim, the carrier refuses (validly or not) to pay the claim, the customer becomes upset and ultimately files a complaint against the agent or…
By: James Redeker Hurricane season is quickly approaching, which brings about thoughts of high winds, storm surges, and flooding. However, flooding is not confined to hurricanes. Flooding often happens in the Midwest with melting snow and spring rains. And, of course, there was the historic flooding seen in California earlier this year. In fact, everyone is…
By: Virginia Bates 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. All of the potential errors and omissions (E&O) problems below have a common issue. Can you tell what that is? Did you find…
By: Brendan McNeal A customer has requested a policy, and you have procured a quote. The coverage looks good. The deductible looks good. Most importantly to your customer, the premium looks good. Coverage is bound. Time goes by, a year or two. Maybe 10. Then there’s a loss. A claim is filed, and fortunately, there’s coverage.…
By: Nancy Germond Question: “I currently write a very nice tree service account, which is coming up for renewal in a couple of months. Last year, we had some stiff competition and barely kept the renewal. I suspect that this year will be no different, so I’ve already touched base with the underwriter about renewal pricing.…
By: Caryn Mahoney Imagine reading this headline in your local newspaper: “No coverage for $2 million judgment against apartment owner for shooting death.” The story goes on to say that the insurance agent “probably could not have gotten coverage for assault and battery.” What would you think if you lived in that neighborhood? Or if you…
Around my favorite time of year, Halloween, there are a lot of television shows and internet articles about scary things. It made me think that as an insurance agent errors and omissions aficionado, what is it that scares me and, in turn, what should scare YOU?
Around my favorite time of year, Halloween, there are a lot of television shows and internet articles about scary things. It made me think that as an insurance agent errors and omissions aficionado, what is it that scares me and, in turn, what should scare YOU?