During our annual E&O Plus reviews, Angie and I are often asked if there have been any claims involving certain scenarios. Actual claim examples can play a key role in helping the agency to more fully understand the value and consequences of applying solid E&O...
This is quite possibly a more common exposure today than in past years – couples deciding to live together before getting married (or with no plans to get married). If the homeowners’ insurance was not modified, would there be coverage for the additional person if...
Do you know which of your files is going to be involved in an E&O matter? Of course not. For this reason, it is incumbent on staff to handle and manage all of their files based on the agency’s expectations. First, it is important to point...
It would certainly seem realistic that the way an agency brands itself is going to play a significant role in the agency’s future business success. In the words of entrepreneur William Arruda, “What makes you unique makes you successful.” There are many ideas around this...
Your agency has just been hit with an E&O claim. The client is alleging that they didn’t have enough insurance to cover the loss. The matter involves one of the kids off at college renting an apartment (and thus probably not covered by mom and...
Without question, training staff is an integral element in every agency. Many industry forecasters have noted that an agency’s focus on training and education will play an ever-increasing role in the agency’s future success. An important component of this training should include E&O education and awareness....
The answer is yes. Carriers will sue their agents, and actually, this has been a part of the E&O world for many years. When you look at the claim statistics of the E&O Plus program, there are a sizeable number of E&O claims made against...
Every year, it is amazing how many E&O claims involve the umbrella line of business. There are a variety of issues, but I want to highlight one of particular concern. This involves the position that most personal lines carriers take in strongly encouraging (requiring may be a better word) that claims are reported directly to them. Their goal is to...
“Why is it always our fault when a client has a loss that is not covered? They knew they didn’t have that coverage.” For many agency staff members, this is one of the bigger frustrations. First, it is not always an agency’s fault when the client...
This is a very special time of year and I certainly hope that this holiday season allows each of you to spend time with family and friends. Be sure to let them know how special they are in your lives. For those that lost a...