Monthly Archives: January 2014

Florida Bill Would Restrict Insurers in Underwriting Gun Owners

Is the ownership and presence of guns the next issue that insurance carriers are going to underwrite? This is a question that has no doubt been on the minds of many insurance professionals over the last couple of years. In … Continue reading

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Are you doing the necessary follow up?

There is no doubt that life at the agency side of the business is hectic and there are no signs that it will be slowing down any time soon. It is very easy to have an element of “trust” on … Continue reading

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Time to perform a year end audit

As we approach the end of January, there is a good chance that most agencies are performing many of their year end calculations and assessments. A review of the premium volume / policy count changes as well as current financials are no doubt … Continue reading

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E&O Insights: How ‘E&O Proof’ is Your Agency?

This is an excerpt from an Insurance Journal article that I authored in the January 13, 2014 edition. “Another year is in the books. As your agency reflects on the past year, how would your answer the following question: Are … Continue reading

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The Consent to Settle clause – is it really a bad provision?

Most professional liability policies contain a provision that essentially requires the consent of the insured in the settlement of a claim. Carriers typically call it the Consent to Settle clause. Ask most insurance agents about this provision and they will … Continue reading

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Christmas gifts – any insurance issues?

By this time, the Christmas trees and decorations are down and the presents are hopefully being used and enjoyed. Christmas is typically a time when special presents are bestowed on “significant others” and the kids. Possibly your agency has some customers … Continue reading

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“Claims Made” vs “Claims Made & Reported”

While there may be some E&O / professional liability policies written on occurrence forms, most are written on some form of a claims-made policies basis. Essentially, this form provides the insurance carrier with a much better indication of any and all claims activity. … Continue reading

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Policy rescission – potentially your worst E&O nightmare

Let’s assume that your agency is looking to write an account and for some various reasons, the market is not being as receptive as you would like. Every time you tell the carrier the truth, they decline the risk. One … Continue reading

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Is there an E&O impact when the rating of one of your carriers changes?

While most agencies are pretty good about checking the ratings of the carriers they do business with, these same agencies seem to focus on the ratings changes that occur around mid-year when the various rating organizations (AM Best, Demotech, S&P, … Continue reading

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