I do not know where agents are going for their errors and omissions (E&O) education, because from what they tell me about their standard of care it often has absolutely no connection to what I know their standard of care …
A recent study reviewed in The Economist (Jan. 13, 2014) proved that competition was required to foster business success and progress. This makes sense. Competition is in many ways the “invisible hand” that Adam Smith described as key to capitalist …
Quality of Quotes. Sometimes in the hurry hurry world of the CSR or producer, an insured will request quotes for certain coverages. Whether they do so as a result of the agency using a coverage checklist or simply the client’s …
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 …
A myth is sneaking into the industry that insurer insolvency is not as important today. Belief in this myth is important to many entities. To put it more simply, a number of companies, agencies, and other firms benefit if less …
Hiring that first good producer may be the most difficult single step/achievement an independent agent undertakes. It is so difficult, at least 60 percent of agencies, based on size surveys, never hire a single successful producer. Hiring just one quality …
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 …
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 …
