All the headlines from our Errors Omissions Topic Page, ordered by recency.
Sep 8 2014 // If your agency is looking to manage disasters and catastrophes from an errors and omissions (E&O) perspective, could performing account reviews for your clients be just the answer? Absolutely. As many agencies...
Sep 8 2014 // Lloyd’s of London began and remains a specialized market (not an insurance company). It accepts risks that are too large, or too complex, or both, that do not lend themselves to coverage through more “normal...
Aug 27 2014 // Small commercial lines is suddenly the Cinderella of the insurance industry. Previously the unwanted step child turned beauty queen being courted, pursued, and being offered dowries for marriage. Dowries and marriage are...
Aug 18 2014 // From a producer’s perspective, the words in the headline are dangerous when spoken by a customer or prospect. Simply duplicating what the insured currently has, whether the account is commercial or personal, can and...
Aug 4 2014 // Small commercial lines is suddenly the Cinderella of the insurance industry. The previously unwanted stepchild turned beauty queen is being courted, pursued, and being offered dowries for marriage. Dowries and marriage are...
Jul 24 2014 // Ascent Underwriting, a managing general agent (MGA) specializing in emerging and professional risks, has enhanced its CyberPro medical billings errors and omissions product and increased limit availability to $5...
Jul 21 2014 // Hard market or soft, having an active relationship with at least a couple of excess and surplus lines (E&S) wholesalers is typically required for agencies to be successful. For as long as insurance has been part of...
Jun 18 2014 // Liberty Mutual Insurance has added data compromise coverage to its insurance agents errors & omissions (E &O) program. The endorsement carries an annual aggregate limit of $100,000 for response expenses and an...
Jun 16 2014 // When initially thinking about umbrella coverage as it relates to generating errors and omissions claims, most would probably believe the main issue is the lack of an umbrella. In other words, a customer has a significant...
May 5 2014 // Virtually every town in the United States has a restaurant or tavern, so your pursuit of these risks is fairly likely. Unfortunately, at times these types of risks are not the easiest to place.Before you take that first...
May 1 2014 // It’s rare to read an industry magazine or attend an industry conference without the topic of mergers and acquisitions coming up. The issues addressed typically include the cost of acquisitions, tax implications,...
May 1 2014 // Quality of Quotes. Sometimes in the hurry hurry world of the CSR or producer, an insured will request quotes for certain coverages. Whether they do so as a result of the agency using a coverage checklist or simply the...
Apr 29 2014 // Renewal Processing Time. Due to many reasons, including agencies cutting staff too much, I find many commercial CSRs are far behind in checking their policy renewals. Being behind creates significant E&O exposures such...
Apr 24 2014 // ACA Grandfathering Disclaimer. According to the Wall Street Journal (Nov. 6, 2013), the first E&O suits have been filed against an insurance company for allegedly misleading a consumer into changing their health...
Apr 23 2014 // Review Renewals. While my recommendation to review renewals might seem so simple that even mentioning it might seem like I’m scratching the bottom of the barrel, I am writing this recommendation because I am seeing...
Apr 10 2014 // A myth is sneaking into the industry that insurer insolvency is not as important today. Belief in this myth is important to many entities. To put it more simply, a number of companies, agencies, and other firms benefit if...
Apr 7 2014 // It’s rare to read an industry magazine or attend an industry conference without the topic of mergers and acquisitions coming up. The issues addressed typically include the cost of acquisitions, tax implications,...
Mar 27 2014 // Personal Lines Quote Sheets. In most agencies, CSRs base their personal lines quotes off the data gathered per their quote sheets. Two common problems exist using quote sheets. The first is many agencies’ quote...
Mar 26 2014 // Program administrator Business Risk Partners (BRP) has launched a new insurance agents and brokers professional liability form through Liberty International Underwriters (LIU), a division of Liberty Mutual Insurance....
Mar 24 2014 // Fees & Agency’s Standard of Care. An agency’s Standard of Care requirement has many moving parts and variables. Simple answers generally do not exist because the applicable standard is case and fact...