In virtually all annual agency reviews, claims handling is addressed. It is important to have this discussion because claims handling has been the #2 cause of E&O claims since 1986 (when the E&O Plus program, formerly PAR, was established). Among the primary drivers of this...
With increasing frequency, the marketplace is in a state of disruption. Most of the disruption is likely the result of Mother Nature. This results in carriers exiting the marketplace in specific states or specific lines of business. In some cases, carriers are moving specific books...
Many years ago, I was sent a poem that I passed on to friends and colleagues. It involves a fair amount of self-reflection, which I feel is a great attribute to live by. While I am not really into poems, this one resonated with me,...
One issue affecting virtually all agencies is compliance with many of their various procedures. It is difficult to say exactly what the root issue is. Some staff may not like the procedure or feel that they have a “better” way to handle one or more...
Fortunately (or maybe unfortunately), when I see an exposure, I wonder how insurance covers it. Exposures, whether rideshare, renting your car or house, or an unmanned aircraft, keep developing. I recently heard that if you have a nice backyard with a nice pool, you can...
A few weeks ago (August 1), the subject of the weekly blog involved the preparation and planning that goes into acquiring a new firm. Whether the new firm has 10 staff or 100, it is a lot of work. One issue (when acquiring an agency)...
There is no doubt that the Excess and Surplus Lines marketplace is a friend to virtually every insurance agency. Without effective use of the E&S market, most agencies (if not all) would admit they would not have been able to achieve the success in the...
Without question, the E&O Plus firms active in auditing are seeing tremendous benefits. A solid auditing program provides insight and detail on the extent to which the agency staff are meeting the agency's expectations on the established procedures. The E&O Plus audit questions are heavily...
As agencies continue to look for efficiency gains, one area where compliance is critical involves the correct use of the various system naming conventions. This issue sometimes does not receive the attention it deserves. Documentation has been one of the most important loss prevention initiatives since...
In my 35+ years of involvement with Agents E&O, there is one area that continues to frustrate me somewhat (actually, it frustrates me a lot). As many of the great agency staff I have interacted with know, I have always felt producer staff (including those...