None

Staff Tips to Share

Absolute E&O Survival Tips

Putting E&O Risk Management to practice starts with your staff knowing the absolutes.  these E&O Loss Prevention tips provide absolutes on what agency staff should ALWAYS, or NEVER do.  The tips are not only simple reminders of what can happen when certain situations arise, but also reduces your agency's risk of E&O claims.

 
COACH SAYS: Carriers rely on statements made on the application, and any error will be attributed to the party signing the application. Never sign applications on your clients’ behalf. [more]
COACH SAYS: It’s tempting to save your insureds money on premiums; however the decision to change carriers should be made by the client, not you. Never change carriers without confirmation in writing of what coverages have been arranged and mutually agreed upon. [more]
COACH SAYS: Memories fade over time and E&O claims often take months or even years to develop. In a credibility dispute between you and another party, your position will be stronger if you have carefully written records regarding the transaction. Most claims are won with excellent documentation [more]
COACH SAYS: Memories fade over time and E&O claims often take months or even years to develop. In a credibility dispute between you and another party, your position will be stronger if you have carefully written records regarding the transaction. Most claims are won with excellent documentation [more]
COACH SAYS: Many states have passed statutes that hold the insurance professional strictly liable for any unpaid claims rising out of the insolvency of a non-admitted company. This is true regardless of the carrier being solvent when coverage is placed and even renewed several times. [more]
COACH SAYS: Many states have passed statutes that hold the insurance professional strictly liable for any unpaid claims rising out of the insolvency of a non-admitted company. This is true regardless of the carrier being solvent when coverage is placed and even renewed several times. [more]
COACH SAYS: If an insured refuses to purchase coverage for an exposure or asks that coverage be terminated, always document that decision. If you don't and a claim arises later, it will be your word against your client's. American juries tend to empathize with aggrieved plaintiffs, and without documentation, the agent usually loses in a credibility match with a client. [more]
COACH SAYS: You may be held liable for precluding the proposed insured from taking appropriate steps to obtain overage elsewhere. If you can’t place your client’s business, make sure you tell the client in writing. [more]
COACH SAYS: You may be held liable for precluding the proposed insured from taking appropriate steps to obtain overage elsewhere. If you can’t place your client’s business, make sure you tell the client in writing. [more]
COACH SAYS: If an insured refuses to purchase coverage for an exposure or asks that coverage be terminated, always document that decision. If you don't and a claim arises later, it will be your word against your client's. American juries tend to empathize with aggrieved plaintiffs, and without documentation, the agent usually loses in a credibility match with a client. [more]
COACH SAYS: It’s tempting to save your insureds money on premiums; however the decision to change carriers should be made by the client, not you. Never change carriers without confirmation in writing of what coverages have been arranged and mutually agreed upon. [more]