November 21, 2013
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 …
November 19, 2013
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 …
October 17, 2013
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 …
October 11, 2013
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 …
July 25, 2013
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 …
July 23, 2013
AOR/BOR Procedures for Benefits. For some unknown reason, I continually find Benefits Producers thinking the P&C AOR/BOR procedures are not applicable to them because the risk on the P&C side does not exist on the benefits side. This belief is …
July 18, 2013
Mailing Certificates of Insurance. You should always do what companies tell you to do because they always look out for the agent, right? If an agency issues a certificate of insurance that affects the cancellation of an insurance policy in …
May 15, 2013
AOR/BOR Procedures. If the current agent is so good, why is the insured moving their policy? AOR/BOR selling strategies have increased in popularity exponentially over the last decade. Some sales consultants and producers also like the strategy because they think …
April 25, 2013
While the industry seemed to see a spike in mergers and acquisitions activity in 2012 due to some tax implications, many are projecting that 2013 will see some healthy buying and selling, too. While there are many issues to address …
April 24, 2013
Record Retention. It’s not as simple as everyone thinks. Significant and dangerous myths exist relative to this increasingly important topic. The first myth is that “records” means all records, not just paper records. Second, the solution is not to keep …