You just got off a call with one of your clients. They contacted you to advise you of a loss they just suffered and wanted to report it to the insurance company. Based on the details presented, you have doubts about whether that claim is...
I am sure everyone is familiar with Aesop's fable "The Tortoise and the Hare," which tells the story of a race between a tortoise and a hare. One of the key themes deals with patience, hard work, and a slow but steady approach by the...
Many may be familiar with the term “odd duck.” It essentially means “an unusual person with peculiar behavioral characteristics.” I make that reference because, in many respects, claims-made coverage is that “odd duck.” It has a different coverage form as well as a very specific...
According to Google, this is the Spanish translation for "I need insurance." Would you understand your customer's request? What if your client doesn't speak English? Over the past number of years, as I have traveled around this great country doing E&O classes, the topic of...
The phrase "Execution is everything" can be attributed to Jeff Bridges, an American actor known for his leading roles in film and television. He has received numerous awards, including an Academy Award, a Golden Globe, and a Screen Actors Guild Award. I reference this tremendous actor because I sense...
Captives What is a Captive? A "captive insurer" is generally defined as an insurance company wholly owned and controlled by its insureds (typically a noninsurance entity or parent). Its primary purpose is to insure the risks of its owners, and its insureds benefit from the captive...
While it probably does not take much time to issue a Certificate of Insurance, it does take a fair amount of time to issue it correctly. Some recent E&O claim causes show certificates around 6-8%. The 6-8% is likely because the certificates were not issued...
I was reading a 1990s article the other day, and I wasn't 25 words into the article before a statement caught my attention in a very negative way. The first words in print were: "As insurance practitioners, we make sure our clients have proper liability coverage...
Please put your thinking hat on regarding this question, and promise me you won't cheat by looking at the answer further in this article. The question again is: Which area generates more E&O claims – new business or renewal business? Let's look at some of the...
According to the U.S. Census Bureau's current (2024) divorce statistics, one divorce occurs every 30 seconds. If that trend continues throughout the remainder of this year, that will result in over 900,000 divorces in the U.S. in 2024. Despite the trend being on the downswing after having...