It would certainly seem realistic that the way an agency brands itself is going to play a significant role in the agency’s future business success. In the words of entrepreneur William Arruda, “What makes you unique makes you successful.” There are many ideas around this...
Your agency has just been hit with an E&O claim. The client is alleging that they didn’t have enough insurance to cover the loss. The matter involves one of the kids off at college renting an apartment (and thus probably not covered by mom and...
Without question, training staff is an integral element in every agency. Many industry forecasters have noted that an agency’s focus on training and education will play an ever-increasing role in the agency’s future success. An important component of this training should include E&O education and awareness....
The answer is yes. Carriers will sue their agents, and actually, this has been a part of the E&O world for many years. When you look at the claim statistics of the E&O Plus program, there are a sizeable number of E&O claims made against...
Every year, it is amazing how many E&O claims involve the umbrella line of business. There are a variety of issues, but I want to highlight one of particular concern. This involves the position that most personal lines carriers take in strongly encouraging (requiring may be a better word) that claims are reported directly to them. Their goal is to...
“Why is it always our fault when a client has a loss that is not covered? They knew they didn’t have that coverage.” For many agency staff members, this is one of the bigger frustrations. First, it is not always an agency’s fault when the client...
This is a very special time of year and I certainly hope that this holiday season allows each of you to spend time with family and friends. Be sure to let them know how special they are in your lives. For those that lost a...
When one includes legal separation and divorce together, the latest statistics are that 20 percent of marriages end within five years and 32 percent end within 10 years. In your agency, have you ever had to deal with the situation of one of your clients...
What’s an RRG? An RRG is a risk retention group. An RRG is an alternative risk transfer entity and operates essentially as a state-chartered insurance company that insures commercial businesses and government entities against liability risks. RRGs were created in 1986 by the federal Liability Risk Retention Act. Typically, the number of risk retention groups increases when insurance is either unavailable or unaffordable. With...
Today, probably more than ever before, auditing has become a key element in insurance agencies. There is solid acknowledgement that agencies can have the best procedures - but the primary basis for agencies auditing their staff is to determine how closely those procedures are being...