A COVID-19 hangover. The hard market. The movement of policies from the admitted market to excess & surplus lines. Whether a single factor or a combination is to blame, one thing is certain: Errors & omissions claims are on the rise.
What is the current best practice for storing those recordings in an agency management system (AMS)?
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.
How does keeping two sets of files impact errors & omissions exposure?
If a customer declines coverage, how long does their declination stand for?
An agency has several clients that are nonprofit private swimming pool clubs. They are looking to the agency for help to reopen safely, including advice with waivers and standard procedures.
An insured is under scrutiny by media and news outlets for what reporters are alleging is improper employee terminations. If the insured’s agent sees the news, is there any duty on the agent’s part to report the potential claim to the insurer?
A prospect bought a warehouse for $1 million. The replacement cost is $25 million but the owner only wants to protect their investment and has said they wouldn’t replace the building in the event of a total loss.
Should agents let the insured know and track down the premium past due or just let the policy lapse?
