E&O Insights: Why Are Umbrellas Causing E&O Claims?

This is an excerpt from an Insurance Journal article that I authored in the June 16, 2014 edition.

“When initially thinking about umbrella coverage as it relates to generating errors and omissions claims, most would probably believe the main issue is the lack of an umbrella. In other words, a customer has a significant loss only to find out that he or she didn’t have an umbrella to provide added protection. The matter then focuses on the agent and why he or she didn’t recommend an umbrella policy in the first place.

While this issue still occurs, it’s probably not with the frequency of some other issues. The most prevalent issues center on “gaps” between the actual underlying limit and the required limit per the carrier’s underwriting guidelines.”

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