All the headlines from our Errors Omissions Topic Page, ordered by recency.
Aug 19 2013 // When reviewing errors and omissions (E&O) statistics, it is often alleged that producers cause the issue in more than half of these claims. However, because a producer is alleged to have made the “error or...
Aug 19 2013 // In today’s legal environment, nearly every company faces some kind of litigation risk. With the growing ubiquity of technology in not just the corporate market, but the consumer marketplace as well, the risk for...
Jul 31 2013 // Accepting Payment After Hours. Many agencies continue to accept premium payments even when closed. Customers put their payments through mail slots, under the door, wedged between the door and the door frame, or by some...
Jul 29 2013 // Allied World Bermuda has launched a new accountable care organization (ACOs) liability product for Bermuda-based clients. The product provides coverage for ACOs – newly emerging healthcare organizations characterized by...
Jul 25 2013 // Claims Draft Checks. Not many agencies have claims draft authority any longer, which I consider a positive change relative to what it was 20 years ago. However, a few specific insurance companies continue to believe draft...
Jul 23 2013 // AOR/BOR Procedures for Benefits. For some unknown reason, I continually find Benefits Producers thinking the P&C AOR/BOR procedures are not applicable to them because the risk on the P&C side does not exist on the...
Jul 19 2013 // Inflation Factors on Personal Lines Property. Some personal property forms lack automatic inflation adjustments that increase the structural limit annually. Usually these are dwelling forms, but not always. In any given...
Jul 18 2013 // Mailing Certificates of Insurance. You should always do what companies tell you to do because they always look out for the agent, right? If an agency issues a certificate of insurance that affects the cancellation of an...
Jul 1 2013 // I wrote two columns in the summer of 2012 that elicited more online comments and emails than any article, out of the hundreds, that I’ve written.One column’s subject was that producers are paid to produce. If...
Jun 19 2013 // Privacy Compliance. It’s not serious until you get caught, right?The normal individual human reaction to complex laws and laws that defy relatively easy compliance is to acknowledge their existence, give them lip...
Jun 17 2013 // How many of your personal lines accounts have an umbrella? Some recent surveys have indicated that insurance agencies write, on average, 1.6 personal lines policies per account. Based on this number, there is a good chance...
Jun 12 2013 // Carrier Rating Notifications. What responsibility does an agency have to notify clients of carrier ratings?On new business, it is a good idea to list the carrier’s rating. However, if the carrier has an A.M. Best...
Jun 11 2013 // CNA has developed a new integrated insurance product to address the full range of exposures unique to accountable care organizations (ACO). An ACO is a group of healthcare providers who join together to share...
Jun 7 2013 // Personal Lines Liability Limits. If an agency has only offered a client $100,000 liability and they have a $300,000 claim, what do you think the answer will be when, on the witness stand, their attorney asks them whether...
May 30 2013 // Chances are just about every town in the United States has a restaurant, tavern or pizza parlor. Pursuing this type of risk, then, is common. Yet before taking that first step, do your homework to help you understand that...
May 24 2013 // E&S Binding Limits. Extremely few, if any, retail agencies have any binding authority whatsoever with their E&S brokers. This is such a simple E&O tip that most readers probably see it as a complete waste of...
May 20 2013 // It’s well known that Texas has some of the highest homeowners premiums in the nation – in large part due to the state’s vulnerability to violent weather.It may be less known that Texas has some of the highest...
May 20 2013 // Chances are just about every town in the United States has a restaurant, tavern or pizza parlor. Pursuing this type of risk, then, is common. Yet before taking that first step, do your homework to help you understand that...
May 15 2013 // AOR/BOR Procedures. If the current agent is so good, why is the insured moving their policy? AOR/BOR selling strategies have increased in popularity exponentially over the last decade. Some sales consultants and producers...
May 14 2013 // If you asked 100 insurance professionals on the agency side what one line of business “scares” them the most, it’s likely that directors and officers (D&O) liability would be at the top. The lack of...