None

Articles

newspapers.jpgIn this section is a collection of articles that touch on E&O related issues.  From stories of huge E&O claims to technical coverage topics, these articles tackle current areas of interest to agents.  

 

Insurance agents and brokers should be wary of commercial insurance customers trying to impose unreasonable and potentially illegal heightened duties on them....
While you may have a business plan in place, change in circumstances may cause you to modify your plans. As you plan for your agency's future, your staff's future, your own future, circumstances, mostly in the form of market forces, cause you to change your business plan to adapt to those forces.
Finding the balance between having a competitive, attractive socail media presence and preventing E&O claims.
The decision whether an insurance agency reports a potential claim to its professional liability carrier brings with it a host of issues to consider. What effect does reporting a potential claim have on my agency's loss history? How will it affect my agency's premium? What difference can it make?
Contact your claims department at the first indication of a potential claim.
Consistent culture, compliance and communication throughout the agency at all locations, is essential to prevent confusion and potential claims which may otherwise arise from acquisitions and dispersed locations.
Steps to follow when making a life and business changing decision regarding your agency.
Be careful of creating an obligation for yourself or agency where no obligation is neccesary.
This alert details some of the E&O risk management considerations agents have when working with their customers to place thier crop coverage.
Lessons learned when renewing or writing new crop insurance policies.
The Big 'I' Professional Liability Program and Swiss Re Corporate Solutions are providing members with E&O risk management considerations relating to handling TRIA's expiration.
Use good agency procedures to mitigate the possibility of an earthquake-related claim.
As a new year begins after a catastrophe-plagued 2011, insurers are justifiably nervous. Numerous media reports cite difficult January reinsurance renewals as 2011 was a truly scary year. Worldwide losses reached their highest level ever at $105 billion; one-third, or about $36 billion, of the losses were stateside, where combined ratios at nine months were near 110%, according to the Insurance Information Institute. And no one knows what 2012 will bring.
Familiarity can breed complacency, which can lead your agency astray from procedures.
In his play 'Richard III', William Shakespeare relates the tale of King Richard III in which Richard is unhorsed on the battle field at the most crucial moment...This very famous story highlights how one asset can be the most important factor in determining the success or failure of a person, especially when timing is critical. For Richard, it was his horse. For you as an insurance agent, while not as noble or glamorous, it can be the coverage rejection form. While certainly an agent won't lose his life without this form, the financial impact can be devastating. And to the contrary, if such a form is in obtained, not only may it save the day, it may also be financially rewarding if you are insured by Swiss Re Corporate Solutions.
How subpoenas are handled can mean the difference between whether or not they develop into an E&O lawsuit.
This is an excerpt of a presentation by Sanford (Sandy) Goffstein, J.D. to E&O insurance professionals in May 2015 in St. Louis, Missouri. Mr. Goffstein has represented Missouri Swiss Re Corporate Solutions’ insured insurance agents in errors and omissions matters for more than 30 years. A graduate of Washington University Law School, Mr. Goffstein, along with his partner, Lori R. Koch, and his law firm of Goffstein, Raskas, Pomerantz, Kraus & Sherman, LLC, are actively involved in protecting the interests of insurance agents in Missouri and southern Illinois.
This is an excerpt of a presentation by Sanford (Sandy) Goffstein, J.D. to E&O insurance professionals in May 2015 in St. Louis, Missouri. Mr. Goffstein has represented Missouri Swiss Re Corporate Solutions’ insured insurance agents in errors and omissions matters for more than 30 years. A graduate of Washington University Law School, Mr. Goffstein, along with his partner, Lori R. Koch, and his law firm of Goffstein, Raskas, Pomerantz, Kraus & Sherman, LLC, are actively involved in protecting the interests of insurance agents in Missouri and southern Illinois.
While being a notary public may seem relatively innocuous, an error committed while exercising ones duties can be quite significant, both monetarily and emotionally.
Advise clients on data breach risk management and cyber liability insurance--and practice what you preach.
You placed the business in an approved market per your agency’s market selection process. In placing the business you informed your client of the available options with alternate markets, and if the policy was assessable, provided full details. In summary, you acted in a fully prudent manner by placing business in a market to protect both yourself from claim and your policyholder from financial loss.
Too many Americans believe that the coverage limits of their homeowners insurance policy are linked to the market value of their home, according to the Insurance Information Institute. In the I.I.I.’s 2011 Insurance Pulse Survey, conducted by the Opinion Research Corporation, nearly half (48 percent) of survey respondents came to that mistaken conclusion.
Look at the common missteps that could lead to E&O claims that agents can make when handling surety bonds. Also provided are some ways to protect the agency, including some sound risk management procedures to follow.
Review this alert to find out what your agency needs to do to be eligible to receive the benefit of the 1st and 3rd party data breach coverage in your E&O policy.
When it comes to coverage provided, the differences between Claims Made policies and Claims Made and Reported policies are extremely significant. Professional liability policies for Insurance Professionals are typically written on one of these forms. It is critical to understand the two when purchasing professional liability insurance to protect yourself and your business.
Agents are being increasingly asked by their E&O underwriters whether they encrypt their clients’ personal data when it is being transmitted. This article provides recommendations with regard to two major areas agencies need to address – secure email and securing their websites when personal data is requested. The article also discusses “encryption” and major types of “personal data” that are the subject of the various laws. Finally, the article outlines the type of resources that are available on the ACT website to help agencies address the email and website issues, as well as to develop and implement a comprehensive agency information security policy and program for their agency.
Fans of the TV show “How It’s Made” enjoy watching how some of the most seemingly mundane objects in the industrialized world today are created. The show’s presentation of the steps and materials it takes to create objects as simple as a mirror or silk glove make us more appreciative of how easily these things are available to us. And yet the life cycle of any object is more than the sum of its parts; each step in the process of making those parts is a story of its own.
The Washington Area Metropolitan Transit Authority (WMATA) filed suit against its insurance agent/broker asking for at least $9.3 million of damages, along with pre- and post-judgment interest, attorneys’ fees and other costs or expenses. WMATA’s agent/broker, Aon Risk Services, Inc. of Maryland, is reported to dispute the claims and says “[Aon] looks forward to defending [itself] in court.”
Claims arising from misrepresentation can result from a misunderstanding by the policyholder concerning coverage, reporting requirements, perception issues, or their misinterpretation about what is written in a proposal or letter or verbally communicated to them.
Imagine you have a long time friend and customer…let’s call her Mary. Imagine you have written insurance for her businesses for more than 20 years. Imagine Mary calls you and tells you she is starting a new business and needs to get her BOP/CGL, workers compensation, and all the other usual coverages for this new business. Imagine you think you know everything about her and her businesses...
After a party at the Playboy Mansion associated with a conference in Los Angeles, more than 150 people reported flu-like symptoms, some cases of which could be Legionnaires' disease or a milder form of the disease, Potomac Fever. Both conditions are caused by bacteria, and both cause significant insurance issues.
David Hulcher, Assistant Vice President of Agency Errors and Omissions Risk Management for IIABA, Jeff Yates, Executive Director of the Agent's Council for Technology IIABA and Sabrena Sally, Senior Vice President of Westport Insurance Corporation were recently interviewed by Best's Review online for their January 2012 issue. This article, 'Avoiding Social Media Traps' outlines how property/casualty insurance agencies can open themselves up to errors and omissions liabilities when using social media and the guidelines they can take to avoid such pitfalls.
Commercial General Liability (CGL) is the underling coverage involved in nearly 1 in 4 E&O claims made against agents...
Study shows 93% of small businesses that have major data losses are out of business in five years. Plan now for the worst case scenario.
Learn how you can protect your agency against claims arising out of 'professional services' rendered to others.