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, 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. …
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 …
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 …
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. …
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 …
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 …
Renewal Processing Time. Due to many reasons, including agencies cutting staff too much, I find many commercial CSRs are far behind in checking their policy renewals. Being behind creates significant E&O exposures such as missing errors and making mistakes trying …
ACA Grandfathering Disclaimer. According to the Wall Street Journal (Nov. 6, 2013), the first E&O suits have been filed against an insurance company for allegedly misleading a consumer into changing their health insurance deductible and thereby obviating the grandfathering clause …
Review Renewals. While my recommendation to review renewals might seem so simple that even mentioning it might seem like I’m scratching the bottom of the barrel, I am writing this recommendation because I am seeing too many agencies that are …
