Tag Archives: Agents E&O policy

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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What insurance activities are covered by your E&O policy?

If you were to ask most agency owners this question, there is a good chance that some may indicate that they are not sure because they haven’t read their policy. In actuality, this is one of the key areas of … 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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“I’m going to sue you”

There is no doubt these few words can bring about some significant emotion and odds are that emotion will be different than hearing the words “Great Job” or “I love your agency”. Unfortunately, these words threatening legal action have been said more than … Continue reading

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