Too many errors & omissions claims still result in a he said/she said credibility dispute. Documenting all interactions with customers and carriers as well as every insurance transaction can be critically important in defending an E&O claim.
Swiss Re Corporate Solutions has found that the following three issues are the most common causes of E&O claims arising from placing workers comp coverage: location, premium and time.
Lack of communication and poor documentation present significant E&O exposures for insurance professionals—risks compounded by a language barrier between agent and client.
While the name on the policy has changed to “Westport Insurance Corporation” and the ownership of the carrier to Swiss Re Corporate Solutions, financial stability and strength has remained a constant.
A chief relationship officer is not a single position one must apply for, but a position for everyone. And in order to be a great CEO, CFO, COO or C-anything, you need to be a great CRO first.
From homeowners to auto, personal lines policies typically renew automatically without a formal process that enables agents to check for changes in customer needs. Coverage gaps often result—and the potential for an E&O claim goes hand in hand.
In response to requests for specific coverage provisions, XL Group has enhanced its Executive and Corporate Securities Liability offering to “cover plaintiff’s attorney fees on an un-allocated basis.”
Effectively utilizing an agency management system can reduce potential E&O exposure, position an agency to build a quality defense against allegations and ultimately lead to overall revenue growth.
What does the clear upward trend in E&O claims carriers make against agents and brokers mean for your agency?
Insurance agencies are increasingly targeted as middlemen in schemes to use stolen data to extract money from unsuspecting persons. Even if the data you control is safe, you could still be the victim of a data breach.
