Strategies

While the advantages of artificial intelligence (AI) can be significant, these benefits come with risks. Here are five ways to manage your agency’s exposure.

When ending a client relationship, agencies should focus on risk management, agency protection and maintaining coverage continuity during the transition.

Is your agency missing prime chances to write more business due to language barriers? But if you do expand your clientele, are you exposing yourself to increased errors & omissions risks?

As errors & omissions from post-merger & acquisition missteps rise, here are four ways agencies can reduce exposure after a deal is done.

Does your agency staff feel safe to admit mistakes before they become an errors & omissions claim? One of the worst E&O nightmares is someone hiding agency mail to avoid facing their mistakes.

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?

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.

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.”

It is possible to offer a quote without substituting your judgment for your customer’s, which is a leading cause of E&O claims.