I am sure everyone is familiar with Aesop's fable "The Tortoise and the Hare," which tells the story of a race between a tortoise and a hare. One of the key themes deals with patience, hard work, and a slow but steady approach by the...
Many may be familiar with the term “odd duck.” It essentially means “an unusual person with peculiar behavioral characteristics.” I make that reference because, in many respects, claims-made coverage is that “odd duck.” It has a different coverage form as well as a very specific...
According to Google, this is the Spanish translation for "I need insurance." Would you understand your customer's request? What if your client doesn't speak English? Over the past number of years, as I have traveled around this great country doing E&O classes, the topic of...
As you receive this week's blog, hopefully, you or some of your colleagues are going to Chicago for the annual E&O Plus Quality Management Seminar. The agenda is packed with many top industry presenters addressing key issues affecting the current marketplace. Built virtually into every...
The phrase "Execution is everything" can be attributed to Jeff Bridges, an American actor known for his leading roles in film and television. He has received numerous awards, including an Academy Award, a Golden Globe, and a Screen Actors Guild Award. I reference this tremendous actor because I sense...
Captives What is a Captive? A "captive insurer" is generally defined as an insurance company wholly owned and controlled by its insureds (typically a noninsurance entity or parent). Its primary purpose is to insure the risks of its owners, and its insureds benefit from the captive...
While it probably does not take much time to issue a Certificate of Insurance, it does take a fair amount of time to issue it correctly. Some recent E&O claim causes show certificates around 6-8%. The 6-8% is likely because the certificates were not issued...
It is amazing how often I have heard real-life stories about agency staff/producers telling clients they have enough coverage. When one stops and thinks about this issue, as smart as we all are, can we say with 100% confidence that the client has enough coverage...
I was reading a 1990s article the other day, and I wasn't 25 words into the article before a statement caught my attention in a very negative way. The first words in print were: "As insurance practitioners, we make sure our clients have proper liability coverage...
Please put your thinking hat on regarding this question, and promise me you won't cheat by looking at the answer further in this article. The question again is: Which area generates more E&O claims – new business or renewal business? Let's look at some of the...