agency errors and omissions News

When Insurers Deny Claims, Brokers Are Next in Line for Allegations of Wrongdoing

In the wake of government orders shutting down or seriously limiting the operations of businesses to deal with the COVID-19 outbreak, many affected businesses have turned to their insurers for coverage. This has led to a flurry of lawsuits across …

State of Insurance Agency E&O Insurance Market: Managing Rates and Risks

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 …

Agents Warned About E&O Risks in Claiming Cyber, Cannabis Expertise

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 …

After the Storm: Insurance Agents E&O Lessons Learned

Editor’s Note: This is a republication of a January, 2013 article by Sally Coombs, who was then with Fireman’s Fund Insurance Co, which is now integrated into Allianz Global Corporate & Specialty (AGCS). Also, Insurance Journal’s Academy of Insurance will …

Agency E&O in a Disaster: How to Avoid Errors While Helping Insureds

Insurance Journal’s Academy of Insurance announced an exclusive online discussion called “After the Storm: Preventing Agent E&O Claims in a Disaster” to be held on Thursday, Sept. 21, 2017 at 1:30 p.m. Eastern. Insurance Journal’s Academy Director Patrick Wraight will …

Today’s Insurance Agency E&O Costs, Coverage and Claims

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) …

New MGA Verve to Target Liability Market for Insurance Agents, Insurers in U.S.

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 Launches Admitted Insurance Agents E&O Program

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. …

Burand’s Agency E&O Blog: Tip #64

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 …

Burand’s Agency E&O Blog: Tip #63

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 …