In my 37 years entrenched in the world of E&O, I have encountered many agencies that have never encountered an E&O matter. Good for them. This seems to resonate in their minds that addressing key E&O loss prevention issues is not as important. One of...
The bottom line, the answer to that question is an emphatic “Yes, Yes, and Yes.” While most E&O Plus agencies have good practices and procedures, that is not enough. The key unknown is “To what degree are the staff following the stated procedures?” The consistency...
Client accountability. As you have hopefully noticed in many of these blogs, client accountability should be a key element of your agency's culture. To a large degree, it is up to the client what coverage they buy and what they don't. Client accountability is a...
I trust that you would agree that E&O loss prevention is a significant element of your agency’s operation. After all, when E&O claims happen, they will virtually always cost money since E&O policies have a deductible that needs to be met before the E&O carrier...
You have all probably heard the expression, "You don't have to do anything wrong to get sued." This is why, when we discuss E&O loss prevention, we will never tell you that we can prevent E&O claims from happening. No one can, and thus, our...
I would guess that anyone who has been in the insurance industry for more than 30 seconds knows how important documentation is. From an E&O perspective, it is probably close to the most critical issue in determining the direction an E&O claim will go. Is...
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...