Tag Archives: e&o claims

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

Posted in Uncategorized | Tagged , , , , , , | Comments Off on How does your E&O policy address “subpoenas”?

Get it in writing !

It is certainly a frequent occurrence in the insurance world for clients, business or personal, to look to reduce their limits. The reason could involve issues such as cost or possibly the client feels the limits are more than their … Continue reading

Posted in Tips | Tagged , , , , | Comments Off on Get it in writing !

Frequency down; Severity up

Going back to the late 80s (when I first started in an E&O management position), the frequency numbers were off the charts (but not in a good way). Frequency (a measure of the number of E&O claims as a percentage … Continue reading

Posted in Uncategorized | Tagged , , , , , | Comments Off on Frequency down; Severity up

Be careful when using statistics

Imagine that you are sitting down with a current or prospective customer talking about the issue of flood insurance. As you are discussing the coverage, it is conceivable that the customer may ask the following question: “what are the chances … Continue reading

Posted in Tips | Tagged , , , , | Comments Off on Be careful when using statistics

A Refresher on the Named Storm Deductible

Unfortunately, at the time of a loss (especially a catastrophe), there may be customers that didn’t truly understand how the deductible applies on their insurance coverage. In the following article, published on claimsjournal.com on January 17th, Denise Johnson points out … Continue reading

Posted in News | Tagged , , , , , | Comments Off on A Refresher on the Named Storm Deductible

“Nothing brings out an agent’s mistake as quick as a catastrophe”

I am not sure if I am the official author of this quotation but it is definitely an expression I have used thousands of times. Why? Because when you think about it, you can see how accurate it really is. … Continue reading

Posted in Tips | Tagged , , , , , , , | Comments Off on “Nothing brings out an agent’s mistake as quick as a catastrophe”

Over 20% of U.S. Properties at Risk for Flood Not in Designated Flood Zones

This past year, there is no doubt that catastrophes played a major role in the increase in E&O claims. After all, “nothing brings out an agent’s mistake as quick as a catastrophe”. In many of the E&O claims made as … Continue reading

Posted in Tips | Tagged , , , | Comments Off on Over 20% of U.S. Properties at Risk for Flood Not in Designated Flood Zones

One of the biggest misconceptions on E&O limits

Recently, I saw the results of an E&O survey conducted by Insurance Journal with one of the questions focusing on the E&O limit that agencies bought. Roughly half (49.4% to be exact) had E&O limits of $2million or less. If … Continue reading

Posted in Tips | Tagged , , , , | Comments Off on One of the biggest misconceptions on E&O limits

Do you have specific procedures for handling of claims–made policies?

It is certainly fair to say that claims-made policies have a tremendous amount of uniqueness to them. One of the key issues inherent in virtually all claims-made policies involves the issue of a “retro date”. This date will basically determine … Continue reading

Posted in Tips | Tagged , , , , | Comments Off on Do you have specific procedures for handling of claims–made policies?

Are you making notes on your proposals?

Typically, when producers review the proposal with the prospect / client, as the discussion evolves, and decisions are made, the producer will make notes on the proposal. The notes could involve requests for additional information, coverages accepted / rejected, etc. … Continue reading

Posted in Uncategorized | Tagged , , , , | Comments Off on Are you making notes on your proposals?