Let me ask you a question. First, put yourself in the situation of being the client, not the agency person trying to sell the customer. Would you rather have your insurance with an agency that sells you a policy with minimal, if any, explanation of...
Every day, this type of scenario is more likely to occur. In 2019, the number of drones being registered was more than two million, with registration required whether the drone owner is a modeler or a non-modeler. Registration appears to be required for drones weighing between roughly a...
In the pursuit of soliciting new business opportunities, obviously a key element involves the sending of new business applications to your carriers and wholesalers. The applications will reflect specific coverages (including modifications to endorsements) that you feel will be needed based on the exposure analysis...
Going back to 1986 when the E&O Plus program started, allegations involving improper execution of certificates have generated roughly 7 percent of all E&O claims and that trend continues today. This shows that a Certificate of Insurance is not the harmless document many believe it...
Does everyone in your agency know the exact legal standard that the agency and any individuals involved will be held to? Quite possibly, some of the new agency staff may not have been educated on this key issue. So, let’s use an example situation where the...
From time to time, our industry goes through a hardening of the marketplace. The degree of hardening will most likely vary from one region to another, and also by various lines and classes of business. In my travels around the country working with E&O Plus...
When looking at the various issues generating E&O claims in the E&O Plus program, many agencies are surprised that claims handling is the No.2 cause of E&O claims. When agencies handle customer claims, there are a number of areas where things can go wrong. Determine your...
When one looks at E&O claims, the agency producer often has a role in the allegations by the plaintiff. Obviously, producers play a significant role in every agency in their dealings with the client. For agencies looking to go from good to great, a strong...
Let’s start off with three key premises: Every agency is looking to grow in 2020. While the market may provide some assistance in that area, generating new business is certainly a key component. Due to the financial impact of an E&O claim, without a doubt,...