Insurance to value is a frequent topic for industry articles. Why, you ask? Due to current economic conditions, many properties may be significantly undervalued and thus underinsured. This includes both personal and commercial lines. What if I told you that some insurance experts have commented that...
As many of you know, I often use the phrase "E&O culture" in my discussions with agencies and my various articles, webinars, blog postings, etc. It is one of my favorite expressions. Recently while working with one of the new E&O Plus agencies, I was...
This may sound like a fundamental question, but quite honestly, there is a definite possibility that not everyone in your agency knows precisely what an E&O claim is. It is also quite possible that new staff may not truly understand this issue, especially if they...
Think back to a recent situation where you encountered a problem in your personal life. The issue may have involved a product you purchased or a service that was provided to you. Now think back to how the person you were dealing with handled the...
Remember this old game? Tell something to the first person in line and ask that they tell the next person what they were told and have that person tell the next one, and so on. Invariably, when you ask the 10th person in line what...
Most agency staff would probably say that they deal with their clients directly. After all, that is how agencies do business. While this may be true 99 percent of the time, there may be some situations where this is not the case. For example, consider...
As you are aware, insurance policies have many different terms. Since there is a chance that clients may not totally understand these terms, policies typically have a section dedicated to defining them. The hope is that the client will read their policy and will contact...
Your first thought is probably no, we will not write any unsupported umbrellas. I recently spoke to an E&O Plus member with that same position. However, the agency staff member went on to state that while writing an unsupported umbrella was not their position, somehow,...
It is not uncommon to find agency staff that are absolutely petrified of E&O, and this can include agency owners. While being scared of E&O may result in staff doing the right thing, I won’t say that being scared of E&O is a good thing. Yes,...
It would probably be difficult to find an agency staff member who isn’t aware documentation is key when it comes to E&O loss prevention. After all, for the last 40-plus years, every E&O class focuses on this key issue. Virtually every E&O claim is impacted...