“It’s important to keep in mind that the contract wording varies from insurer to insurer,” says independent agent Bob Reynolds. “As a largely nonstandard line of coverage, the terms and conditions can vary widely.”
Coverage written on a claims-made basis require key employees to report any incidences that qualify as or may lead to a claim.
In a world where the top five global risks identified by the 2020 World Economic Forum are environment-related, increased exposures and liabilities are setting the market up for a complete evolution.
While the trend remains that most courts find claims are not covered, each claim still needs careful consideration based on the specific policy language and factual circumstances.
“Don’t just provide hotel owners a quote on insurance. They aren’t risk experts,” says independent agent Mike Barnum. “Help them identify their largest exposures and what can be done to minimize them outside of insurance.”
Professional services firms are walking a tightrope between opportunity and ruin, which means errors & omissions coverage is essential.
When life gives you lemons, independent agents and brokers errors & omissions coverage is a key contributor to the longevity of an agency—but only if the policy is covering the right exposures.
A look back at the causes of errors & omissions insurance claims in 2020 and how to make 2021 a better year.
The study provides insight into a sector of the industry that has seen a dramatic increase in claims and activity during the COVID-19 pandemic.
Significant changes in the medical industry are set to continue in 2021. Here are four factors agents should discuss with their medical practitioner clients to ensure adequate coverage.
