Independent Insurance Agents of Texas President Bill Harrison, Jr., is slated to speak on agents’ professional liability issues at the Independent Insurance Agents of San Antonio meeting and luncheon on Oct. 21.
IIAT is working with legislators to address professional liability, one of the most pressing problems in running an agency today. The average E&O premium for agents in Texas is $14,500; countrywide it averages only $8,000.
Why? According to IIAT, Texas agents are the victims of conflicting statutes that increase defense costs and leave agents holding the bag for every error in the insurance process. Yes, agents should be held accountable for errors that harm consumers; however, when others in the process contribute to or make those errors, they should be responsible for their share of damage.
For instance, under unfair trade practices statutes, when a jury finds an agent 60 percent liable for a loss suffered by an insured, and the insured 40 percent liable for his own loss, the agent can be tapped for whole 100 percent.
IIAT is asking the legislature for equitable treatment, the same as other sellers of products/ services receive in Texas.
IIA San Antonio luncheon will begin at 11:45 a.m. and takes place at Alamo Cafe, 14250 U.S. HWY 281, San Antonio, Texas. Registration begins at 11:15 a.m.; the cost is $17.00 per person.
For more information, e-mail IIA San Antonio at info@iiasanantonio.org or call (210) 828-3425.
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