E&O Insights: ‘Just Duplicate What I Have’

This is an excerpt from an Insurance Journal article that I authored in the August 18, 2014 edition.

“From a producer’s perspective, the words in the headline are dangerous when spoken by a customer or prospect. Simply duplicating what the insured currently has, whether the account is commercial or personal, can and has caused more than its fair share of errors and omissions (E&O) claims. In essence, what is the account really saying? Probably something to the effect of: “I’m paying too much. Just give me the same coverage I have now, but at a lower premium.” It sounds like the customer’s focus is primarily on the price, not the coverage.”

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