Agency Operations

Do Agencies Need to Archive Policy Forms?

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,…

Car insurance document, with a vehicle and policy, 3D illustration, copy space for text,

Agent Disclosures of Known Hazards

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…

Can Agents Sign on Behalf of Insureds?

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…

Concept of life, auto and home insurance with paper family, car and house in hands on yellow background

Documenting Coverage Reductions

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…

Bag with money and tape measure with a wooden houses. The concept of a limited real estate budget. Low subsidies. Lack of investment in construction. Market crisis. Reduced demand for home buying.

E&O Exposures Involving Non-English Speaking Prospects

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…

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Should Producers and CSRs Pay for E&O Claims?

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,…

Stethoscope and stacked coins on wooden table white wall background with copy space. Concept of business consultant, financial health or money savings management for medical healthcare and life insurance.

E&O and Policy Changes

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…

House, car, money icons under a red umbrella for insurance protection concept

Voluntary E&O Payments

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…

House on stack coins growth as chart on wooden table with white wall background copy space. Banking, financial, mortagage loan concept. Central bank (FED) increase interest rates effect to house price and payment.

E&O and Checking Policies

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…

Empty white laptop with abstract tiny classroom desktops on grey background. Online education and webinar concept. Mock up, 3D Rendering

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