In researching claims frequency in the cyber line of coverage, I found an article by Howden in July 2021 (sorry, that’s the latest I could find) subtitled “Not if, but when.” While the data is from YE 2020, it still displays alarming statistics. The data, supplied by S&P Global Market...
It is not uncommon for agencies to list exclusions on the proposals they provide to customers. Essentially, this is designed to impress upon the customer/prospect that various exposures are not covered. In addition, it also serves to prompt some discussion with that customer to indicate...
It is interesting that in the past couple of months, I have been requested by a number of the E&O Plus agencies I am honored to work with to provide some further training (virtually) on the issues associated with the Excess & Surplus Lines marketplace. I...
Let me start with a question: Would you agree that your best customer is an educated customer? I repeatedly hear from agencies that they agree with this position, yet it is questionable how much the agency is doing to educate those customers. Often, it does not appear...
The other day, I was on my way to the gym for my 65-minute Elliptical workout (trying to lose 25 pounds), and fortunately or unfortunately, I was thinking about the topic for my next blog article. In my 15-minute ride to the gym, I noticed...
During the annual review process, I will frequently pose a question to some agency staff. The scenario usually goes something like this. After having a conversation with the agency staff member, the client will ask the agency person, “What do you think I should do?...
Every year, there are a significant number of E&O claims arising from problems with business interruption. The issues include customers: - Not having the coverage - Not having the right type of coverage - Not understanding the coverage they have - Not having the right amount of coverage Customers who...
One issue I have mentioned numerous times on this blog (because it is very important) involves securing a client’s signature on an application. This practice has tremendous relevancy and importance because typically, in a dispute, the courts would hold the client responsible for the contents...
When you stop and think about it, I trust that you would agree with me that the insurance industry is blessed with a tremendous number of quality insurance periodicals. I regularly subscribe to six or so (some digital, some hard copy) representing both our business's...
At one time, I wondered why many state insurance departments didn’t allow an E&O class to count towards the state-specific ethics requirement. After all, doing the right thing in many cases is both ethical and a solid best practice from an E&O loss prevention standpoint....