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…
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…
