Sometimes, something so simple and basic can be a problem. What am I referring to? The binding of coverage. Over the past year, I have heard of several E&O claims due to coverage not being bound. The typical scenario involves the producer returning to the office...
One of the founding principles of the E&O Plus program involves auditing, the concept of "trust but verify." Without question, this need and focus on auditing has been an integral element of the success of many E&O Plus agencies. Ronald Reagan made the "Trust but...
For the last few years, it appears that E&O claims frequency has been in pretty good shape. It is difficult to cite exact numbers as the various Agents E&O carriers seem to measure this key statistic differently. Using a measurement of “# of claims per...
I recently had a producer at one of the agencies I am honored to work with refer to his role as a “Doctor of Insurance.” In other words, to address the pain that the insurance prospect was feeling. I had never heard that “Doctor of...
Several years ago (pre-pandemic), my inquisitive mind reached out to one of the Allianz Claims staff (Allianz was the E&O Plus E&O carrier before Swiss Re) with a question. The question essentially was, "When you look at the E&O claims that have occurred, what is...
Without question, every agency is experiencing some level of turnover. Filling the vacant positions is probably not as easy as it used to be. Your goal may be to hire an insurance professional from another agency, and in many cases, that is a good approach...
“One of the most glorious messes in the world is the mess created in the living room on Christmas Day. Don’t clean it up too quickly.” — Andy Rooney To each of you and your families and friends, I hope the holidays are truly a special...
“E&O is a marathon – not a sprint” is an expression I have used many times. As much as everyone in the agency (especially senior management) would like to perfect their E&O culture in the shortest time possible, that is typically not how it happens....
Typically, mid-year is when it seems that affirmations or changes in carrier ratings are released. The changes may be minor or, as we have seen recently, they can be more significant. In two months, one carrier went from AM Best’s rating of A- to C++....
As many of you know, at the recent E&O Plus Quality Management Seminar in San Diego, there was some discussion on firing a client for whatever reason. Some participants expressed frustration on getting rid of a client primarily because that client no longer fits your...