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.
Here are a few simple reminders that will help insurance professionals avoid many of the errors & omissions pitfalls associated with the procurement of builders risk policies.
Wouldn’t it be nice to know? This month’s Student of the Industry article takes a look at the data.
With a $5-million aggregate limit in place, most agencies believe they are unlikely to be overcome by a series of small, unrelated claims in a single policy period. There is some truth to that but some peril, as well.
If your agency needs to use an interpreter to communicate with a customer, do you know what you need to document about the exchange?
Without a doubt, purchasing or selling an insurance agency triggers additional errors & omissions exposure. What processes can successful agencies employ during a transition in order to help reduce their exposure to E&O claims?
Errors & omissions claims happen, and many of the worst ones—those in excess of $1 million—come from the same lines of business and involve similar types of errors.
Here are 10 suggestions for new agents that can help reduce your errors & omissions exposure.
Roman philosopher Seneca once said, “Luck is what happens when preparation meets opportunity.” This notion can do wonders for your agency.
A good checklist includes coverage choices as well as optional coverages a client might want to accept or reject.
