When meeting with a client or prospect, is this is a phrase that you hear? I doubt it happens on large, more sophisticated accounts. But could it? Whenever those words are stated, some caution should be exercised. Essentially, the client is saying they want you to...
On any given day, agents are asked to review contracts/leases on behalf of their clients. The objective is to determine how well the client’s insurance program meets the requirements of the proposed contract. There are several areas for agents to be aware of when they...
As all agencies in the E&O plus program are no doubt aware, the issue of auditing is viewed as one of the top QMP components because it is one of the most effective means to assess whether the “quality agency staff” are adhering to the...
Looking back 45 years ago, when I started in the insurance business at the agency side (S-Z for Commercial, Personal, and Claims), I wound up handling the E&O for the agency since the name of the agency fell in my portion of the alphabet. Back...
Throughout the years, I have heard many agency executives and staff comment that they “know what needs to be done” or “we are a veteran staff that knows our jobs.” Said a different way, they feel their competency is “good enough” and is their reason...
I read an E&O claim the other day (not an E&O Plus member) involving a somewhat unique situation. The agency received the order to bind coverage for a homeowners policy. The agency proceeded to issue a binder notifying the various loss payees and mortgagees. The...
Over the last several years, it certainly appears that there is not the same degree of consistency across various industry policies. The inconsistency could be attributable to carriers looking to differentiate themselves from their competition, typically filing their own forms instead of using an ISO...
Bottom line, yes. Policy delivery has the potential to be a significant issue in the event a problem (uninsured or not fully insured loss) develops that could result in an E&O claim against your agency. While following proper agency procedures regarding policy delivery may not...
Virtually every day, agents will move an account to a new carrier. Typically, the basis for the move is due to the desire to get a lower premium for the client. This issue has developed into one of the bigger issues/concerns for E&O carriers. The...
As virtually anyone involved in the insurance world knows, Business Interruption has been a very hot topic with the financial impact of the pandemic. The overall coverage form and the various exclusions are being debated and, in many cases, litigated to determine whether coverage is...