Just because a carrier’s form shows the policyholder has XYZ Coverage does not necessarily mean they have XYZ Coverage in the real world. And yet, I find that few agents understand or know this. And even when they read the …
Insurance agents and brokers should prepare for a big agency errors and omissions (E&O) litigation wave to crash their shores in 2021. Agency E&O claims are a lagging indicator, meaning plaintiffs typically only go after agents and brokers after they …
Agency errors and omissions (E&O) coverage is likely the most important insurance policy an agency purchases. As customer demands rise to an all-time high, having the right E&O coverage and ensuring best practices are followed to prevent E&O claims is …
Insurance agents and brokers who market themselves as experts in cannabis or cyber could wind up regretting that positioning. Because both are relatively new exposures subject to changing regulations and coverages, producers marketing themselves as experts could face scrutiny, lawsuits …
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) …
Insurance Journal is asking for participation in its 2016 Agency Errors & Omissions Survey. This survey report will share key insights on today’s Agency E&O market. Participate now to learn more about the market. The survey is designed specifically for …
While many insurance agencies stick with their agency E&O carrier for years, those that do shop around tend to do so when premiums are rising and, according to a recent Insurance Journal survey, more agencies are shopping around now. Premiums …
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. …
