Tag Archives: Errors and Omissions

Are you holdings your customers accountable?

Is lack of customer accountability an issue in your agency? Do you have agency staff  asking the question – “why do customers always make us feel like it is our fault when they have a loss that is not covered? … 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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Did the carrier quote all of the coverages you requested?

In the preparation of the application for submission to the marketplace, agents will typically include coverages they are looking for the carrier to include in the proposal. As the producer, you are expecting that the markets you are working with … Continue reading

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Enhancing your E&O culture one person at a time

For many agencies, establishing or enhancing an E&O culture can be somewhat of a daunting task. Issues such as “where do I start” and “what should we do next” are common. Other issues such as “they know what their job … Continue reading

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Moving coverage to a new carrier – here’s an example what can happen

The backdrop on this E&O claim involves an account the agency had to replace due to the prior policy being non-renewed as it was no longer within the carrier’s appetite. Although this was a tough account, the agency was able … Continue reading

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What do you do when one of your carriers is downgraded?

Within the next 3 – 4 months, the various rating agencies will be looking at the financials for the vast majority of insurance carriers. In the overwhelming number of situations, the rating will not change but what if it does? … Continue reading

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Are you outsourcing your policy checking?

It is fair to say that in many agencies, policy checking probably does not get the attention it deserves. It is not that agencies don’t value the importance of policy checking (although some do not), it just seems that there … Continue reading

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Policy Delivery – what is the best way to handle?

The proper handling of policy delivery is actually an important element in an E&O loss prevention program. Because of this, insurance agencies should have a written agency procedure to follow. For many agencies (more specifically the producers), the procedure is … Continue reading

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