williamjones

Drawing on guidance from underwriters, claims specialists, agency consultants and defense counsel, here are a series of quick, practical steps agencies can take to reduce E&O exposure.

With the hard market, remote work dynamics, and evolving client expectations converging, the errors & omissions risk landscape is shifting fast. But what does this mean for your agency—and how can you protect yourself?

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.

A number of agent errors & omissions claims have been reported as a result of an insurance agent procuring coverage in an area in which they have little or no expertise.

Natural disasters are becoming more frequent, resulting in significant financial losses and exposing inadequate insurance coverage—including gaps in clients’ insurance coverage that lead to increased errors & omissions claims against agents.

To keep premiums affordable, homeowners carriers are excluding coverage for what used to be standard covered perils. Cosmetic hail damage is one of those coverages that is increasingly becoming excluded.

Regular attention must be paid to keeping underlying coverages in place without any gaps, offering higher umbrella limits and recommending uninsured motorist/underinsured motorist coverage.

​Hi, Santa. It’s Brian, your favorite agents and brokers errors & omissions claims handler, writing after a year of diligently navigating the complexities of E&O claims.

What is the current best practice for storing those recordings in an agency management system (AMS)?

Many personal lines clients mistakenly believe their standard homeowners insurance policy covers cyber incidents.