Insurance sales success can be like a game of tennis. Many summers ago I fell in love with the game of tennis. For the next six years, I played every day possible. One of my limitations was that living in …
Notifying Umbrella Carriers of Potential Claims. Every reader likely knows the importance of notifying an excess/umbrella carrier of potential claims in a timely manner. When the excess/umbrella carrier is the same carrier providing underlying coverage, this is not an issue. …
Policy Change Requests Can Only Be Made if Requesting Party Has Authority/Insurable Interest. Many years ago when I first entered the industry, I remember an experienced underwriter telling the story of an angry ex-wife cancelling the insurance on her ex-husband’s …
The Value of a Name. Applications are called applications and quote sheets are called quote sheets for good reasons. A quote sheet is only supposed to be for quoting and even then, it is a conditional quote. It is conditional …
Loss Control Results Usually Require Disclosure. An agency that uses non-carrier loss control services, regardless of whether it is a third-party firm or an agency’s in-house loss control service, almost always has to disclose any recommendations to the carrier. In …
What is the quickest way a consultant can raise the ire of agents everywhere? Write an article stating producers have a responsibility to produce. What is the next best way to raise agents’ ire? Write an article that producers should …
Producers Not Having Adequate Knowledge of their Clients’ Industry. An agency can have all the right procedures and even follow all the right procedures and still not mitigate one of their biggest E&O exposures: Producers writing accounts for which they …
Offering Cyber Liability. Almost without exception all businesses need cyber liability coverage today and yet relatively few have this vital coverage. The exposures can be significant both from an E&O perspective and a regulatory perspective. Therefore, consider offering all business …
Policies Subject to Audit. Audits are one of the few E&O exposures agencies have that do not involve a claim. A good method for protecting the agency from audit related E&O claims is to disclose what policies are subject to …
The insurance agency distribution system model was built around 1900 and is still amazingly similar to agencies of 100 years ago, albeit the monitors and lack of filing cabinets do create a different ambiance. This model is to be admired …
