The other day, I was on my way to the gym for my 65-minute Elliptical workout (trying to lose 25 pounds), and fortunately or unfortunately, I was thinking about the topic for my next blog article. In my 15-minute ride to the gym, I noticed...
During the annual review process, I will frequently pose a question to some agency staff. The scenario usually goes something like this. After having a conversation with the agency staff member, the client will ask the agency person, “What do you think I should do?...
Every year, there are a significant number of E&O claims arising from problems with business interruption. The issues include customers: - Not having the coverage - Not having the right type of coverage - Not understanding the coverage they have - Not having the right amount of coverage Customers who...
One issue I have mentioned numerous times on this blog (because it is very important) involves securing a client’s signature on an application. This practice has tremendous relevancy and importance because typically, in a dispute, the courts would hold the client responsible for the contents...
When you stop and think about it, I trust that you would agree with me that the insurance industry is blessed with a tremendous number of quality insurance periodicals. I regularly subscribe to six or so (some digital, some hard copy) representing both our business's...
At one time, I wondered why many state insurance departments didn’t allow an E&O class to count towards the state-specific ethics requirement. After all, doing the right thing in many cases is both ethical and a solid best practice from an E&O loss prevention standpoint....
Now that we are in the second quarter of 2022, now is a good time to give these questions serious thought. However, when answering this question, regardless of your position within the agency, it is crucial to be honest because many factors determine this. Some key issues...
"If you tell the truth, it becomes a part of your past. If you lie, it becomes a part of your future" — Unidentified author. Talk to most Agent's E&O carriers about the type of E&O claims they experience, and sadly, claims involving agents that were not...
In most E&O claims, the litigation is due to an underlying bodily injury or property damage claim that was not covered or settled to the customer's satisfaction. However, there have been numerous E&O claims where the allegation deals with a premium issue. One of the...
In my travels to many of the great E&O Plus agencies, I typically sit down with some agency staff: the internal support staff, the producers, and agency management. As we talk through the issues that play a key role in the E&O culture of the agency,...