Tag Archives: e&o claims

Trusting your clients – what’s the worst that can happen

Your agency has a customer that owns a number of dwellings covered under a master policy. One day, your client contacts your agency to cancel coverage on one of the covered locations since the property had been sold. The coverage … Continue reading

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What role does claims have in your proposal process?

In the vast majority of new business accounts (especially in personal lines and small commercial), it would not be the norm to include claims in the proposal discussions. However, since claims is where “the rubber hits the road”, it might … Continue reading

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Does reporting an E&O claim / incident mean your E&O premium will go up?

This is an often asked question and thus obviously an area of concern. Unfortunately, it is not a question that is easily answered as the end result may depend on a variety of issues including the facts and circumstances of … 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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Comparing expiring vs proposed

For many years, E&O carriers have expressed significant concerns over the issue of what many call “The Mirror Test”. Essentially, this is the need for a process within agencies to compare coverages when they are moving an account from one … Continue reading

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Agency Loses in Huge Workers Comp E&O Claim

For most E&O carriers, the workers compensation line of business accounts for 8-10% of all E&O claims. Definitely not a small number. As noted by the attached which appeared on AgencyEquity.com on April 11, 2017, claims involving workers compensation can also … Continue reading

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“I told you I wanted the coverage”

When explaining the need for prompt and accurate documentation, it is important to understand the “why” behind the issue. For many folks, this is when they are able to truly “buy-in” and do what is needed. A big reason behind … Continue reading

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The latest in Dog Bites statistics

As noted in the attached excellent article published by the Insurance Information Institute (www.iii.org), dog bites and other dog-related injuries accounted for more than one-third of all homeowners liability claim dollars paid out in 2016, costing in excess of $600 … Continue reading

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Top 10 Causes of Liability Losses Include Bedbugs, Crashes and Defective Products

Many E&O carriers report that E&O frequency is in very good shape but continue to express concerns on the severity of the E&O claims being reported. Quite possibly, one of the reasons why E&O claims are rising in size is … Continue reading

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Claims-Made – do your clients know the definition of a “claim”?

For those policies written on an “occurrence” basis, it is fair to say that most clients have a good idea of the definition of a claim. However, there are several coverages written on a “claims-made” basis including professional liability, employment … Continue reading

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