The 80/20 rule, also known as the Pareto Principle, states that roughly 80% of the effects come from 20% of the causes, meaning that a small number of inputs disproportionately impact the outcome. The rule has since been applied in various fields, including economics, management, marketing,...
Over the years, "automatic status" additional insured endorsements have increased. In these endorsements, additional insured status is triggered by a written contract. Agents will indicate on a certificate of insurance that "additional insured status is added per written contract." Sometimes, this wording is mandated by...
“My idea of Christmas whether old-fashioned or modern, is very simple: loving others. Come to think of it, why do we have to wait for Christmas to do that?” — Bob Hope To each of you and your families and friends, may the holidays be everything you hope...
You will probably consider this important question at some point in the future. Without a doubt, the question can be divided into many areas, including: Your legacy in the working world Your legacy as a parent Your legacy in your non-working life, such as the...
At the recent E&O Plus conference, some time was dedicated to what is categorized in the industry as Standard of Care. This concept is extremely important as it can play a key role in impacting the results of any E&O litigation. There is a tremendous...
When we think of Thanksgiving, turkey, mashed potatoes, apple/pumpkin pies, and football probably come to mind. Hopefully, spending time with family and truly giving thanks for those things and people in your life brings fond memories. Many may think of the famous Macy's Day parade....
In my 37 years entrenched in the world of E&O, I have encountered many agencies that have never encountered an E&O matter. Good for them. This seems to resonate in their minds that addressing key E&O loss prevention issues is not as important. One of...
The bottom line, the answer to that question is an emphatic “Yes, Yes, and Yes.” While most E&O Plus agencies have good practices and procedures, that is not enough. The key unknown is “To what degree are the staff following the stated procedures?” The consistency...
Client accountability. As you have hopefully noticed in many of these blogs, client accountability should be a key element of your agency's culture. To a large degree, it is up to the client what coverage they buy and what they don't. Client accountability is a...
I trust that you would agree that E&O loss prevention is a significant element of your agency’s operation. After all, when E&O claims happen, they will virtually always cost money since E&O policies have a deductible that needs to be met before the E&O carrier...