4 Things You Should Do If Your Carrier Has Been Hacked
Cyberattacks against carriers, such as the ones earlier this month against Erie Insurance and Philadelphia Insurance Companies, can pose serious errors & omissions risk for your agency.
E&O Guardian/Professional Liability
What’s Driving the Rise in E&O Claims and What Can Your Agency Do to Prevent One?
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.
Should a Disclaimer Be Added to an AOR Letter?
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.
Should Agencies Keep Both Paper and Electronic Copies of Files?
How does keeping two sets of files impact errors & omissions exposure?
E&O, Territory Limitations and Stolen Truck Cargo
A U.S.-based trucking client’s truck and cargo were stolen in Canada, but the carrier denied the claim due to a territorial exclusion. The loss happened “before the insured had a chance to read the policy.”
Is Providing a Replacement Cost Estimate to Lenders an E&O Exposure?
Mortgage lenders are requiring agents to supply a replacement cost estimate (RCE) for refinance closings. Is this something the agents should be doing?
How Often Should an Agent Reoffer Declined Coverage?
If a customer declines coverage, how long does their declination stand for?
Should Agencies Offer Business Reopening Advice?
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.
Should an Agent Report a Claim They Heard About on the News?
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?
Insuring a $25 Million Building for $1 Million: E&O Waiting to Happen?
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.
