A new tool has been added to the E&O Happens website: the File Review Questionnaire, which allows agencies to take an inventory of a customer's file contents.
For years, Big “I" Professional Liability and Swiss Re Corporate Solutions have touted that an agency's file needs to “tell a story." It's our belief that if your files tell a story of what happened and include all documentation and client communications, this effort may help your agency build a solid defense when faced with an errors & omissions claim.
The questionnaire features 27 “yes" or “no" questions and is broken into several review categories, such as risk assessment, communications, policy forms and endorsements. The questionnaire is customizable to allow for reviewing multiple policies for the same policyholder, as well as providing space for criteria that is specific to your agency. It also includes a scoring system to tally the number of “no" responses and items that require more frequent customer contact.
As with other agency procedures, consistency when performing file reviews is key. It is up to the discretion of the agency to determine the nature and frequency of the reviews.
If you have any questions about this tool, contact Jim Hanley.