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...
It has been well documented that the claims-made coverage form has caused its share of E&O claims. One issue to pay particular attention to involves moving coverage from a claims-made form to an occurrence form. While this probably does not happen often, there is serious...
Most folks know the dangers of assuming. If you are not sure, ask one of your colleagues; I trust they will educate you. But how many know the dangers of presuming, essentially taking something for granted. While “presuming” may be okay in your normal life,...
The answer to this commonly asked question is yes, they will, especially if the loss is big enough. Unfortunately, this scenario has played out numerous times. Consider the scenario below that turned into an E&O claim. The background involves a doctor working with a non-profit group. He...
When placing coverage for your clients, it is likely that professional liability could be one of the exposures needing attention. When most agency sales staff think of professional liability (also known as errors and omissions), the following classes of professional business come to mind: Travel...
Using alternative markets can often be a challenge - and at times, a very stressful challenge. Whether the alternative market is the E&S market, the Fair Plan, Assigned Risk, or JUA, it is important to realize that these markets operate differently. Agents must completely understand...
Has this ever happened to you? You and one of your colleagues are meeting with a client discussing a wide range of key issues involving coverage, benefits strategy, “what if” questions, etc. You get back to the office and plan to enter the meeting notes in...
It is estimated that around one-third of all E&O claims involve scenarios where an agency looks to move coverage to a new carrier and the replacement coverage is not as broad as the expiring coverage. That statistic speaks for itself - this is a significant...
When producers review a proposal with a prospect or client, they will typically take notes as the discussion evolves and decisions are made. The notes may include requests for additional information, the coverages that are accepted or rejected, etc. It is probably fair to say that...