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...
According to the U.S. Census Bureau's current (2024) divorce statistics, one divorce occurs every 30 seconds. If that trend continues throughout the remainder of this year, that will result in over 900,000 divorces in the U.S. in 2024. Despite the trend being on the downswing after having...
This year marks 40 years since the futuristic time setting of George Orwell’s classic 1984. Originally published in 1949, it is amazing that there was a book with the main theme of “one’s actions and intentions are being monitored by the government as a means...
Would you agree that you have finite resources at the end of the day? So, take the scenario of being asked to work on some nice new business opportunities. They will take some time to handle properly. Could the time needed for the new business...
For those of you who interact with one of the three reviewers (Angie, Mishell, and myself) during the annual review or in other settings, this statement (wanting to be part of your team) is a significant element of who we are and our objective. You...
Without a doubt, you all know the drill. The client (or prospect) advises you they want the coverage, and now it is up to you / your agency team to advise the appropriate parties (carriers, wholesalers). It should also be part of the process to...