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While it is impossible to address every possible situation that might occur in this discussion, let’s look at a very simple example: A customer of the agency has a claim, the carrier refuses (validly or not) to pay the claim, the customer becomes upset and ultimately files a complaint against the agent or agency with the Department of Insurance.
If you have been paying
Q: My E&O policy doesn’t mention whether unlicensed employees are covered. And since it doesn’t mention them, does that mean they don’t need to attend the E&O risk management seminars?
They say the more things change, the more they stay the same. The Ponemon Institute released it’s most recent reviews of the per capita costs associated with lost or stolen records by industry:
You’ve heard that phrase over and over, and while it may be a cliché, it doesn’t make it any less true. And it can be especially true when you are trying to do everything you can to prevent an E&O claim.
“You’re gonna need a bigger boat” is probably the most famous line from the movie “Jaws.” As Roy Scheider glimpses the great white shark for the first time, the look of fear on his face is priceless, realizing they’re in over their heads and facing a catastrophic ending.
Focus is key! From an errors and omissions (E&O) perspective, agents cannot lose focus during this disrupted work setup. Working from home does not change the fact that all procedures and processes that apply in the home office also apply at the “home” office.
Brand consultant David Airey once said: “Without professionalism, I’d be an amateur, and the clients I want don’t hire amateurs.”
Brand consultant David Airey once said: “Without professionalism, I’d be an amateur, and the clients I want don’t hire amateurs.”
Building material costs have increased dramatically during COVID because supply has not been able to keep up with demand for many reasons. As a result, IIABA’s Risk Management department in conjunction with Swiss Re recently provided a sample letter agents could use to notify their clients that current replacement cost limits may be too low as a result of these dramatic increases.
Because of the questions surrounding insurance protection for COVID-related claims, agents from
around the country are considering including COVID-related disclaimers in proposals, renewals and any
other document intended for prospects and clients.
Access to the E&O Guardian risk management website is an exclusive Big “I” member benefit. Content may be accessed by Big “I” members, with key resources reserved for exclusive access by Swiss Re Corporate Solutions E&O policyholders. Log in assistance is available.
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