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.
Increasingly, courts and legislatures around the country have offered insurance professionals a parachute of sorts to save the day in the event of an errors & omissions claim. Sometimes it’s in the form of a short statute of limitations that begins once the policy is delivered to your insured. Other times, the court announces a…
Every fire loss claim covered by an insurance policy begins and sometimes ends with the agent who sold the policy. However, avoiding an E&O claim related to a fire loss begins and always ends with you understanding the process. Remember, the fire loss doesn’t start with the fire, it starts with the application.
“If I’d only sent them the policy, then I wouldn’t be in this mess.” And if I had a nickel for every time I heard that from an agent when there was a claim and a carrier was denying coverage for an uncovered underlying claim, I’d be a rich man.
It happens to many agents. Aunt Sally and Uncle Bill purchase some retail space and plan to rent it out. They need insurance and, of course, contact you since you are in the business. Granted, you have never placed a commercial policy of any kind before, much less in Florida, but how hard can it…
