agency errors and omissions News

After the Storm: Insurance Agents E&O Lessons Learned

Editor’s Note: This is a republication of a January, 2013 article by Sally Coombs, who was then with Fireman’s Fund Insurance Co, which is now integrated into Allianz Global Corporate & Specialty (AGCS). Also, Insurance Journal’s Academy of Insurance will …

Agency E&O in a Disaster: How to Avoid Errors While Helping Insureds

Insurance Journal’s Academy of Insurance announced an exclusive online discussion called “After the Storm: Preventing Agent E&O Claims in a Disaster” to be held on Thursday, Sept. 21, 2017 at 1:30 p.m. Eastern. Insurance Journal’s Academy Director Patrick Wraight will …

Today’s Insurance Agency E&O Costs, Coverage and Claims

Independent agency owners spend their entire careers worrying about the risks and exposures of others. Managing the risks of their own agencies can take a backseat to helping their clients. While agents appreciate the importance of errors and omissions (E&O) …

New MGA Verve to Target Liability Market for Insurance Agents, Insurers in U.S.

Newly-launched managing general agency Verve Risk Partners plans to target U.S. professional and management liability risks, focusing on insurance companies and captives as well as insurance agents and brokers. The London-based MGA has been launched by Castel Underwriting Agencies Limited, …

Professional Underwriting Group Launches Admitted Insurance Agents E&O Program

Professional Underwriting Group, Inc. is now offering an admitted program for insurance agent’s errors and omission insurance to qualifying insurance agents in Alabama, Arizona, California, Colorado, Florida, Georgia, Minnesota, Nevada, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, and Wisconsin. …

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 obvious …

How Policies Respond When Buying or Selling an Agency

It’s rare to read an industry magazine or attend an industry conference without the topic of mergers and acquisitions coming up. The issues addressed typically include the cost of acquisitions, tax implications, systems matters, when a consultant is needed and …