All the headlines from our Errors Omissions Topic Page, ordered by recency.
May 9 2013 // As the Internet continues to take hold over the independent insurance agent’s market share, the value-added services a broker can provide to their clients are more important than ever, especially in the high-net...
May 7 2013 // Rockwood Programs has implemented underwriting guideline changes to its P&C Agents E&O program. The modifications will result in a rate decrease in the states of California, Massachusetts, Nevada, and Texas. The...
May 6 2013 // Some inside knowledge and a lot of experience strongly suggests that many agencies and brokers are cutting processing corners. I am not writing about immaterial corners. I am writing about them cutting large, material...
May 2 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...
Apr 25 2013 // While the industry seemed to see a spike in mergers and acquisitions activity in 2012 due to some tax implications, many are projecting that 2013 will see some healthy buying and selling, too. While there are many issues...
Apr 24 2013 // Record Retention. It’s not as simple as everyone thinks.Significant and dangerous myths exist relative to this increasingly important topic. The first myth is that “records” means all records, not just...
Apr 22 2013 // MarketScout has developed a new errors & omissions facility designed specifically for Certified Insurance Counselors (CIC) to be offered through its relationship with Ironshore Inc., a global specialty insurance...
Apr 22 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 of the list....
Apr 19 2013 // Bermuda-based Endurance Specialty Holdings Ltd. announced that Daniel Wadley has joined the company as Executive Vice President and Head of its new Endurance Pro insurance unit.He will be responsible for growing the...
Apr 17 2013 // Felony Background Checks. An important step in hiring people. If an employee has a felony conviction and the agency has not obtained the proper waiver from their state’s insurance department, the agency may be...
Apr 10 2013 // Flood Insurance. Who Ever Said Mortgage Companies Know Everything About Flood Insurance?In agency after agency I visit, flood insurance is usually only offered to people if their mortgage company requires it. De facto,...
Apr 8 2013 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Protective Insurance Company (PIC) and its wholly owned subsidiary,...
Apr 3 2013 // Job Descriptions. A simple solution to minimizing E&O exposures. One of the most significant E&O exposures is literally a “he said, she said” issue. Producers think a CSR will do something and CSRs...
Apr 2 2013 // Great American Insurance Group has launched a new professional liability division offering errors and omissions (E&O) liability insurance coverage for non-medical miscellaneous service providers as well as real estate...
Mar 27 2013 // Agency Catastrophe Plans. How to keep a catastrophe from becoming an even bigger catastrophe.I don’t know who said it, but they correctly concluded that the best E&O audit is a natural catastrophe because so many...
Mar 25 2013 // While the industry seemed to see a spike in mergers and acquisitions activity in 2012 due to some tax implications, many are projecting that 2013 will see some healthy buying and selling, too. While there are many issues...
Mar 20 2013 // Bond Specifications & Company Ratings. Do you check?When commercial clients need a bond, they almost always have a contract that requires the bond meet certain specifications. Among those specifications is the bond be...
Mar 12 2013 // American Resources Insurance Company (ARIC) has broadened its partnership arrangement with Rockwood Programs. The new relationship provides ARIC’s producer network with access to an array of management and...
Mar 2 2013 // Binder Knowledge. What is a binder?I ask this question of most agency staff and many producers I interview. Less than 10% of staff and probably less than 25% of the producers I interview know what a binder is. An amazing...
Feb 25 2013 // MarketScout Wholesale (MSW) has formed an exclusive independent agents errors & omissions program. In addition to professional liability, this program provides data breach/privacy protection as well as proactive risk...