Now that it is a new year, agencies often dissect their books to better understand any dynamics that are occurring. For example, what were the three key industries in which you had the most success in the new business written in the last year? What...
This is the time of year when we can expect the various financial rating companies to review many of the various insurance companies and provide feedback, including an update on the financial rating. Already, there have been some significant downgrades, with more likely to follow. First, agencies...
Generally, this is a place I suggest you avoid. There may be circumstances where your presence in a courtroom is necessary, such as in a civil matter, but I feel certain you would probably rather be elsewhere. Regarding E&O litigation, given the choice between a courtroom or a root canal, you might...
There seems to be a growing interest among several E&O Plus agencies in considering a captive program for some of their specific clients. Several insurance articles noted a resurgence with increased captive formations over the last few years. A "captive insurer" is generally defined as an...
While non-renewals are nothing new, they are occurring with greater frequency, especially in states such as Florida and California, where Mother Nature has not been kind to the industry. Typically, as carriers analyze their year-end numbers by coverage or class of business (or both), they...
"Is every carrier denial an E&O claim?" is a question I was recently asked by one of the agencies I am honored to work with. On the surface, it is an interesting question you might have wondered yourself. And when you think about it, what...
If I were to take an educated guess, most E&O Plus agencies have at least a few branch offices besides their main location. Expanding and opening other locations is key to growing the agency's revenue. Consistency is a key buzzword in the E&O world. This certainly...
Obviously, one of the many goals of the E&O Plus agencies involves achieving growth. Typically, with few exceptions, this is measured in terms of revenue, although writing more new business with a strong focus on retention are, most often, two key components. Some firms have...
As you all know, the resolution of many E&O cases is heavily influenced by the presence (and degree of quality and detail) of an issue called documentation. I trust you are well aware of it. Documentation provides evidence that something, such as a discussion, occurred....
There is a common expression I have often used, especially when discussing an agency growing its E&O culture. The expression "Rome wasn't built in a day" dates back to the 12th century and certainly was not expressed to deal with E&O as the wonderful world...