agency E&O News

How and When to Shop for Agency E&O Coverage

While many insurance agencies stick with their agency E&O carrier for years, those that do shop around tend to do so when premiums are rising and, according to a recent Insurance Journal survey, more agencies are shopping around now. Premiums …

Burand’s Agency E&O Blog: Tip #64

Confirmation That Suit Papers Have Been Received by the Carrier. While not an every day occurrence, most agencies receive suit papers from various parties several times a year and these papers must be forwarded to the applicable insurance company immediately. This …

Burand’s Agency E&O Blog: Tip #63

Inflation Factors are Missing. Some property policies, particularly dwelling policies in personal lines, lack automatic inflation adjustment factors. These same policies often get less attention than other personal lines policies. Agencies that do review these policies annually often are reluctant to …

Burand’s Agency E&O Blog: Tip #62

Producers and Staff Do Not Adequately Know the Agency’s Procedures. More often than many might expect, staff and particularly producers do not adequately know the agency’s procedures. This can be especially exasperating to agency owners who spent the money developing procedures. …

Burand’s Agency E&O Blog: Tip #61

Proper Authorization to Change Coverages Part II.  In Blog 14 I wrote about the need to verify the party requesting a change in coverage has the required authority to make such a request.  Another variation of this theme is more …

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 …

Tell Us About Your Agency’s E&O – Take Our Survey Now

Insurance Journal is again on the search to find out what’s happening in the agency errors and omissions (E&O) environment. The final deadline to participate in this year’s survey is Monday, Oct. 21 We invite you to participate in the …

What’s Happening in Agency E&O? Take This Survey to Find Out

Insurance Journal is again on the search to find out what’s happening in the agency errors and omissions (E&O) environment. We invite you to participate in the 2013 Agency Errors & Omissions Survey, which will be published in an upcoming …

Burand’s Agency E&O Blog: Tip #40

Claims Draft Checks. Not many agencies have claims draft authority any longer, which I consider a positive change relative to what it was 20 years ago. However, a few specific insurance companies continue to believe draft authority is an important …