Tag Archives: Agents E&O policy

Consent to settle clause – is it getting a bad rap?

Do you know what the consent to settle clause in an E&O policy is commonly referred to? The Hammer clause. The hammer that when the agency does not want to agree to what the E&O carrier believes they can settle … Continue reading

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Carriers will sue their agents?

The answer is yes. They will and actually this has been a part of the E&O world for many years. Recently, I was reviewing E&O policies from a number of carriers. I am always looking to see what coverages are … Continue reading

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How does your E&O policy address “subpoenas”?

One only needs to access the news on virtually a daily basis to hear the reference to a subpoena. It is vital that agencies (especially management) be aware that the word subpoena can find its way into the insurance agency … Continue reading

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Picking an E&O carrier

For insurance agencies, your E&O protection is one of the most important coverages your agency will purchase. Without the proper protection, a significant E&O claim could prompt the agency to go out of business. So, the selection of where you place … Continue reading

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When buying E&O, limits should be the primary focus

Imagine the scenario, your agency has just been advised that you are being sued in an E&O matter. Would you rather have $1,000,000 limit of liability and a $1,000 deductible or a $2,000,000 limit and a $5,000 deductible? I would … Continue reading

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Don’t ignore the value of the aggregate limit on your E&O policy

A recent survey among US agency execs on the subject of the agency’s E&O policy indicated that policy limits are not being increased to any great extent upon renewal. In fact, it appears that the predominant limit is in the … Continue reading

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Selecting the right E&O limit

Without a doubt, most agents would like to know the exact limit they should carry on their E&O policy. Some agents approach this by analyzing their book of business specifically looking to determine what is the maximum limit they provide … Continue reading

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Are you providing loss control services for your clients?

Today, certainly more so than in the past, as agencies look to expand their value added services, they are providing some degree of loss control / risk management services. As one can imagine, this brings with it heightened E&O claim … Continue reading

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How well do you know the coverage of your own E&O policy?

Just this week, I was advised of an Agents E&O policy in the marketplace that did not provide any coverage for the sales or service dealing with inland marine and dwelling fire. Why the E&O carrier carved out coverage for those two … Continue reading

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E&O Insights: How Important Is Your E&O Policy?

This is an excerpt from an Insurance Journal article that I authored in the November 3, 2014 edition. “Errors and omissions (E&O) coverage: It’s one of the most important coverages you can secure. After all, your agency’s protection depends heavily on … Continue reading

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