An agency is considering adding language to its agent of record (AOR) letter advising that the agency is not responsible for any deficiencies that exist in the coverage until it has a reasonable chance to review the coverages.
As agency managers strive to perpetuate their agency, here are key areas to focus training and administrative efforts to reduce errors & omissions exposures.
The global tech outage highlights vulnerabilities in business continuity planning, cyber liability insurance and technology partners.
Before implementing artificial intelligence in your agency, understand the product and what it can do, Test the product before purchasing it, and simultaneously use human processes.
Brian Chapman, agent and owner of Chapman Insurance in Florida, sits down with Cassie Masone, vice president of flood operations at Selective Insurance.
How does keeping two sets of files impact errors & omissions exposure?
The wave of post-pandemic lawsuits has prompted independent insurance agents to review their errors & omissions (E&O) coverage and risk mitigation strategies.
“In the past, E&O coverage for seed dealers has been very cost-prohibitive,” says independent agent Shelly Turner. “Educating both clients and other agents on the availability of a lower cost, higher coverage option is a big focus.”
A well-documented agency file can mean the difference between outright vindication and a murky swearing contest that results in a lawsuit, settlement or both.
Generally, when consumers feel they are paying more and receiving less in return, problems arise.
