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.
Here are six of the most common misconceptions the general public shares about flood coverage, which affect an agent’s ability to sell a flood policy.
New organizational changes often mean new risks.
Mortgage lenders are requiring agents to supply a replacement cost estimate (RCE) for refinance closings. Is this something the agents should be doing?
The use of certain words or phrases can suggest an insurance professional is acting as a risk advisor or fiduciary as opposed to the typical arm’s-length business relationship.
If a customer declines coverage, how long does their declination stand for?
