“All the World’s a Stage…”
By: Richard Lund This may seem like an unusual way to start a discussion about insurance agents’ errors and omissions risk management, so please bear with me. The more lengthy…
Procedures
Should an Agency Purchase E&O Coverage from One of Its Carriers?
Agencies have many options available for the placement of their E&O coverage. For some agencies, one of the options is purchasing E&O coverage directly from one of their appointed carriers.…
A Policy Archeologist Talks Policy Records Retention
How long to keep policy information continues to challenge today’s insurance agencies and brokerages.
A Policy Archeologist Talks Policy Records Retention
Agency owners often ask, “How long should I keep expired insurance policies?” When we’re talking about liability policies, the new answer may be “forever.”
Change in Policy Terms – Agency Responsibility
What is the agency’s responsibility if the insurance carrier alters coverage at renewal? Most state statutes require the insurance carrier to notify the insured – not the agent. But should…
CLUE Property Report Facts for Agents
CLUE Reports are a common underwriting tool. According to research, more than 80 percent of consumers are unaware these even exist. Further, those who do know they exist likely don’t…
Understanding the Statutory Requirements of Conditional Renewals
When there are changes in policy conditions related to coverage, price or other terms and conditions, most states require the insurance carrier to notify the insured a specified amount of…
Website Privacy Statements
Do you know why that Privacy Notice is on your website? Or are you one of many that haven’t taken the time to even put one there? Would you be…
Agency Bank Accounts and Comingling of Funds
An agency has both a premium trust account and an operating account at a local bank. The agency owner has been told by some other agents that separate accounts are…
Procedures and Why They Really Matter
Over the years I’ve seen many agents spend thousands of dollars on a Procedures Manual,… one you’ve bought…one you’ve paid a consultant to come in and do…or one you’ve struggled…
