Insurance agents work hard to protect their clients while safeguarding their own operations against the very real risk of errors and omissions (E&O) claims. Coverage gaps, including “failure to offer” E&O claims, lead the list of common E&O litigation. A frequent cause of E&O claims in the insurance industry arises from coverage gaps, particularly in…
Since the original wildfire article with this title was written six years ago, the frequency and severity of these real-world natural catastrophe learning laboratories continue to challenge our understanding of the insurance mechanism and its ability to assist policyholders to recover after such events. While we could focus on the expanding world of extreme natural catastrophes, this…
You don’t have to be an expert in flood insurance to help your clients feel secure and position yourself as a valuable resource within your community. Here is a guide to understanding flood insurance essentials and how you can become an authorized flood agent. What is a Flood by National Flood Insurance Plan (NFIP) Standards? Before selling flood insurance, it is important to…
Here are some holiday tips to help your insureds get through the holidays safely.
In 2021 according to the Insurance Information Institute (III), almost 24% of losses under homeowners insurance arose from water damage (including freezing-related) claims. From 2017 to 2021, III reports that the average claim severity for water damage claims for homeowners multi-peril policies was $12,514. What if some simple homeowner education could help your insureds prevent…
Are you losing clients to online insurance carriers? Do you worry that an issue of inadequate limits, coverage gaps, or payment snafus can expose your agency to an errors and omissions claim? This article reviews some of the important issues your clients and your agency face in managing their personal and business risk.
Insurance losses related to jewelry are huge — much more than most insurers realize. According to Department of Justice statistics, 70% of all personal property (contents) theft losses are jewelry. Insurance companies process billions of dollars in jewelry losses each year. Some of these jewelry losses are hidden because they’re reported as “contents” losses under…
Personal lines policies offer liability coverage limits that protect your insureds if they injure someone or damage their property. But with today’s ever-increasing jury verdicts, it’s not hard to see how a minor accident can morph into something that plows through, if you’ll excuse the pun, the $300,000 combined single limits (CSL) on your insured’s…
In a recent article we wrote on the problems of canine liability, agents asked where they could obtain a standalone canine liability policy. Our guest writer, insurance agent Debbie Turner, describes in this article some of the challenges of finding and evaluating a standalone canine liability policy.
Coinsurance may be the least mentioned yet easily explainable clause in both commercial and personal property and other policies. You will find coinsurance clauses in many types of policies. These and other policies usually contain a coinsurance clause. Business owners policy Commercial property policy Flood insurance policy Business income policy Dwelling policy Homeowners policy Health…
