Burand’s Agency E&O

Burand’s Agency E&O Blog: Tip #56

Personal Lines Quote Sheets. In most agencies, CSRs base their personal lines quotes off the data gathered per their quote sheets. Two common problems exist using quote sheets. The first is many agencies’ quote sheets are inadequate. The questions are …

Burand’s Agency E&O Blog: Tip #55

Fees & Agency’s Standard of Care. An agency’s Standard of Care requirement has many moving parts and variables. Simple answers generally do not exist because the applicable standard is case and fact specific. However, a key to making the agency’s …

Burand’s Agency E&O Blog: Tip #54

Fees & Agency’s Standard of Care. An agency’s Standard of Care requirement has many moving parts and variables. Simple answers generally do not exist because the applicable standard is case and fact specific. However, a key to making the agency’s …

Burand’s Agency E&O Blog: Tip #54

Tie-In Sales. The odd evolution of personal lines insurance has now come full circle in many states. Years ago insurance companies limited agents to only writing auto if the agency also placed the insured’s homeowners with them within a reasonable …

Burand’s Agency E&O Blog: Tip #53

    TPA Activities. Some agencies are unknowingly conducting TPA activities. Others are knowingly offering these services without knowing whether their E&O policy will provide coverage. Many insurance agency E&O policies specifically exclude coverage for TPA activities/services. TPA services can …

Burand’s Agency E&O Blog: Tip #52

Update Census Forms on AORs/BORs. When an agency takes over a group benefits account by AOR or BOR, it is likely picking up the prior agency’s/broker’s mistakes. Sometimes, for many different reasons ranging from innocent mistakes to cheating, an insured …

Burand’s Agency E&O Blog: Tip #51

State Guaranty Funds. Many agency owners, producers, and CSRs believe state guaranty funds provide blank insolvency protection for any client insured by an admitted carrier. This is not true. Many state’s guaranty funds are limited to insureds of a certain …

Burand’s Agency E&O Blog: Tip #50

Binders Redux. A binder is a temporary insurance contract. This is a fact. The Acord 75 field Description states, “A Binder is a temporary insurance contract which provides coverage in advance of the issuance of an insurance policy.” The Acord …

Burand’s Agency E&O Blog: Tip #49

Date Stamping. Could any E&O blog address a simpler subject than date stamping? Maybe not, but date stamping correctly to mitigate E&O exposures is something too few agencies practice. Most agencies I visit have a practice of opening all incoming …

Burand’s Agency E&O Blog: Tip #48

Notifying Umbrella Carriers of Potential Claims. Every reader likely knows the importance of notifying an excess/umbrella carrier of potential claims in a timely manner. When the excess/umbrella carrier is the same carrier providing underlying coverage, this is not an issue. …

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