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

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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

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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

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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

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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

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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

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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

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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

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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

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