For 47 years (and still going strong), I have been blessed to work in the insurance industry. From my early days as a door-to-door salesman, to the six years at an agency, to the carrier side today - I can honestly say I have enjoyed every minute. As I reflect back on the last eight years that...
If you asked your personal lines clients (or maybe even try it with your employees) whether issues relating to the use of social media are covered by their liability policy, what do you think their response would be? Probably a majority would tell you they...
Whether agency staff are working in the office or remotely, there is no doubt that they are as busy as ever. Some agency personnel I speak with indicate that they are more productive working remotely, while others indicate the opposite. Either way, finding a way to get your work done...
Claims-made coverage developed in 1964 and in those 55-plus years, it has certainly grown in its use to insure many professional liability and management liability exposures. When not properly understood and managed, it also continues to be involved in a fair number of E&O claims....
In any given year, of the E&O claims made against insurance agencies, 50-60 percent are closed for no loss payment although on many of those claims, there are likely to be some defense dollars incurred to defend the agency against the allegations. There are a...
As we go through life, we often remember some events or situations much more vividly than others. For me, one of those involved my early days as a CSR in an insurance agency in Utica, New York (I handled S-Z for commercial, personal and claims). As a newbie CSR, I was asked by one of the...
A recent news story spoke to U.S. businesses facing a potentially emerging legal threat (relating to COVID-19) from claims that workers brought coronavirus home and infected relatives. The financial impact has the potential to be significant. This “take home” article noted that between 7 and 9 percent of the U.S. COVID-19...
This is the time each year when most businesses are diligently working on their budgets and plans for the following year. They are determining their new business and retention goals as well as trying to project their expenses. Obviously, generating a profit is the major...
There is a very basic concept regarding E&O loss prevention. Essentially, the more client exposures that are insured, the less the E&O exposure. E&O claims most often occur when the client suffers a loss and that loss is either not fully covered or possibly, not covered at...
The COVID-19 pandemic has certainly created its share of issues, with business interruption coverage probably getting the most attention. However, there are other scenarios that have occurred which have posed some interesting discussion. Recently, I received an email from an E&O Plus insured asking about how to handle a...