Agency Management

A recent issue of our IIABA “Insurance News & Views” email newsletter included an abbreviated version of a VU article entitled “Lost Policies…No Coverage?” The article included the statement that,…

If an agent is aware of a known hazard at an insured’s business, is there an obligation to advise the insurance company? Does the agent or company have an obligation…

Question: “We are wholesale agents. One of our retail agents has invoked the “law of agency” as a rationale for submitting applications with his signature only, in lieu of the…

An agent asks, “From an E&O standpoint, is documentation of a reduction in coverage, removal of drivers, etc. in our agency management system enough, or do we need to have…

Our “Ask an Expert” service has recently received additional questions involving E&O and procedural issues as more and more non-English speaking prospects enter the marketplace. While we cannot answer legal…

An agency recently was hit by a $38,000 claim under an E&O policy with a $25,000 deductible. Now the agency owners want the deductible to be paid by the producer,…

Your agency services an area subject to catastrophes. Is it the responsibility of your insureds to contact you if they want quotes/coverage for excluded perils (e.g., flood and earthquake) or are you responsible to contact…

Making mid-term policy changes is a normal part of the insurance agency business. In fact, it is so routine that there is a danger of making ordinary, perfunctory policy changes…

When a small, uncovered first-party loss is less than an agency’s E&O deductible, there is a temptation to pay the claim directly out of the agency’s own funds, without ever…

An agent asks, “With the advent of download from the carrier websites directly into our agency management system, do we need to check the renewal policy for accuracy? We are…