“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…
Writer and philosopher George Santayana is remembered for the phrase, “Those who cannot remember the past are condemned to repeat it.” Given the current state of affairs—coming off 2020 and a solid year of pandemic peaks and re-peaks—those words ought to send chills up your spine.
If you’ve forgotten what’s coming this month, you can be forgiven. COVID-19 has been front and center in our lives for so long that it’s difficult to look beyond it. But now’s the time you need to be thinking about hurricane season. And if you are an “inland agency,” this article applies to you, too,…
Just as you are probably receiving a lot of questions from your customers about how their insurance will respond to the events surrounding the Coronavirus/COVID 19, we are also receiving a lot of questions from agents and brokers asking what they should do regarding those questions. How do you respond when someone asks you whether…
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,…
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.
