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Monthly Archives: December 2011
Does your insurance agency know what it is selling?
A couple of months ago, I received an e-mail from an agency requesting me to do, for a fee, a policy comparison of a variety of Architects and Engineers markets. While initially I thought that this might be a good opportunity, … Continue reading
Posted in Tips
Tagged Agents E&O, Errors and Omissions, Exposure Analysis Checklists, Insurance agents, sell what you know
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Does your insurance agency provide your employees with an annual review?
As we come to the end of the year, for many agencies, this is approaching the time when each employee is provided their annual performance review. While in many respects, the primary purpose of these reviews is to provide feedback … Continue reading
Posted in Tips
Tagged Education, Insurance agents, Performance reviews
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The Next Big Thing in Insurance Coverage Is Here
Certainly over the last couple of months, there have been a number of news stories noting where the reputation of a business has taken a hit; the Penn State incident one of the more prominent. While businesses may be insured for some … Continue reading
Posted in News
Tagged Agents E&O, Insurance agents, New markets, Reputational risk
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Is your insurance agency honest with your carriers?
There is no doubt that every day, your agency is interacting with your carriers in the marketing of new and renewal business. If the marketing is necessary because of a non-renewal by one of your carriers, it is critical that you … Continue reading
Posted in Tips
Tagged Agents E&O, Carriers suing agents, Errors and Omissions, Insurance agents
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Does your insurance agency engage in “good will” payments?
In actuality, many agencies do. From time to time based on various circumstances, an agency may provide a “good will” payment to one of their clients if they were to suffer a loss that was not insured or not fully … Continue reading
Posted in Tips
Tagged Agents E&O, Errors and Omissions, Good will payments, Insurance agents
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E&O Insights: Can the Manner in Which an Agent Handles a Claim Cause an Errors & Omissions Claim?
This is an excerpt from an Insurance Journal article that I authored in the October 17, 2011 edition. “The answer to the question posed in the headline is a definite “yes.” This has actually developed into a significant issue for … Continue reading
Posted in Published articles
Tagged Agents E&O, Claims handling, e&o claims, Errors and Omissions, Insurance agents
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Are you documenting the various conversations with your insurance carriers and wholesalers?
During the course of any typical business day, there are going to be numerous times where your agency interacts with your carriers or wholesalers on various underwriting and coverage issues. Some of the discussion may involve a request to bind … Continue reading
Posted in Tips
Tagged Agents E&O, documentation, Errors and Omissions
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Some E&O exposures of your insurance agency selling Life insurance
In my various E&O classes, I include discussion on claims frequency by line of business. When I bring up the issue of life insurance, many folks seem to struggle with identifying some potential scenarios that could lead to E&O claims. After … Continue reading
Posted in Tips
Tagged Agents E&O, e&o claims, Errors and Omissions, Insurance agents, Life insurance
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What to do if your insurance agency gets hit with an E&O claim
While most agencies certainly don’t expect to ever be faced with an E&O claim, unfortunately, they do happen. Currently the number for some E&O carriers is one claim for every 16 agencies. This is an excellent result considering that 20 years … Continue reading
Posted in Tips, Uncategorized
Tagged Agents E&O, e&o claims, Errors and Omissions, Insurance agents, Professional Liability
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