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...CKLIST FOR BUY-SELL AGREEMENTS ADDITIONAL READING CHAPTER THREE: STATUTORY...ttom line CHECKLIST FOR SALES ADDITIONAL MATTERS CONCERNING MERGERS ADDITIONAL MATTERS FOR PARTNERSHIPS ADDITIONAL MATTERS FOR ESOPS ADDITIONAL MATTERS FOR USE OF CHARITABLE REMAINDER TRUSTS ADDITIONAL MATTERS FOR SECURITY AGREEMENTS ...

... basis for a claim against an agent or broker, and the easiest to assert. This may involve failure to obtain a particular policy, cover a particular peril, or cover a particular property. Failure to inform when coverage not available. If the producer is not able to obtain coverage, the client should be notified immediately. Failure to do so may subject the producer to deceit claims, in addition to contract or negligence claims. Misstating facts in the application or misstating coverage. Agents have been held liable for misstating facts in an insurance application. Kurtz, Richards, Wilson & Co. v. Insurance Communicators Mktg. Corp. (1993) 12 Cal.App.4th 1249, 16 Cal.Rptr.2d 259, dealt with a false statement that the insured was not subject to Medicare provisions of TEFRA. Agents ( ... such as punitive damages claims. Substantial deductibles are often necessary to make coverage affordable. These facts of life make claim avoidance techniques a top priority. This chapter will focus on the most frequent and dangerous customer and business claims agencies face. It considers how claims can be avoided. It also considers alternate methods of claims handling, which may be particularly useful when there are large deductibles that apply to defense costs. 4.2 Claims by clients for errors & omissions and related matters. 4.2.1 Theories of recovery. Client claims typically fall into several categories, generally arising when a loss is not covered. Some claim the agent did not do what the client wanted. Some claim the agent did not advise the client as to what he should want. Finally, some claim the agent misrepresented facts to the ...

... be used to advise customers of additional benefits and coverages the agency h...th the account that could generate additional exposure and subsequently accoun...

... a separate claim department, this is the time to introduce a claim representative to the client. Most clients experience losses infrequently and are not familiar with claim people (if they are, you may have a different kind of problem!) . You should be as accommodating and sympathetic as possible until it's time to actually submit the loss notice either to your agency's or the company's claim department. Request additional information: Send a letter, note, or postcard to remind the client or claimant of any additional information you may need. Next, suspend the loss notice until you've received the repair estimate, actual repair bill, or whatever additional information requested. Use a suspense system to establish a follow-up. Open claim file or record in claim log: Whichever option the agency uses for master control of ... claimant or insured. Deliver claim draft: When a loss has generated an especially uncomfortable situation for a client, personal delivery of the claim payment can enhance a service relationship. During this personal visit, be sure to use naive listening' techniques when asking the client how he or she felt the claim was handled. Naive listening means allowing customer feedback with no coaching, without showing prejudice or becoming defensive. Simply listen and take notes. Update claim log (created in step 7): Indicate on the log that the claim is closed and the date of closure. You may want to note the client's perception of the way the claim was handled. Close claim file/remove suspense: Remove the pending copy of the loss notice. Inform the producer of record and/or the manager ...

... 2013 10:44:08 PM by CompleteMarkets Editor , Curtis Pearsall This content has not been rated yet. KNOWLEDGE = ACTION by Curtis Pearsall The other day I was travelling with a good friend who happens to be an extremely professional insurance agent. On the way to lunch, we passed a funeral home - one of his Commercial clients. This funeral home happened to be putting on a significant addition to its main building. My friend said the owner had yet to tell him about the renovation. What should he have done and what would you do in the same situation? One option is to do nothing and wait for the client to call you. I would hope that this wouldn't be your first choice. It's exactly what you shouldn't do. By contacting your client and noting the ... There's also the E&O perspective. Let's say that some building materials are stolen or there's a fire that causes serious damage to the addition. If the additional exposure was never endorsed on the policy, the Insurer will probably deny the claim. It's true that it's the client's responsibility to contact you to secure the proper coverage. But even if you won a case brought against you, the defense dollars could be significant. Juries usually conclude that the knowledge of an exposure should prompt the agent to take some action. Does this mean you're on call 24 hours a day? To a degree, you are! Let's say you went to a party at the home of a client and noticed they have a pool that's not covered in their Homeowners policy. You disregard what you've seen. ...

...ir analysis when presented with additional information, particularly in the ea...entify your exposure to the costs of defense, indemnity cost and public sancti...

... a duty to advise the client on additional coverage they might want, such as f... exposition either of remedies or of defenses. 4.4 Incorporation. Inc...

... probably nonexempt. Senior level Commercial personnel are probably exempt unless the agency watches their hours and docks them for coming in late. In that case, a precedent has probably been set for nonexempt status. Some states insist that the employee's salary be more than $20,000 a year to be considered exempt. It's advisable to treat CSRs as nonexempt and keep accurate records of their hours. In addition to checking federal employment laws, be sure to check the laws in your state AGENCY TRUST REQUIREMENTS At one time or another during the year, more than half of the country's insurance agencies use premiums to help fund agency operations. In some states it's illegal for agents to be out of trust. In others it's grounds for losing a license. If your state doesn't have separate trust requirements, ... x No Thanks Loading.. Defensive Agency Management 4/30/2013 by CompleteMarkets Editor , Carol Hammes This content has not been rated yet. DEFENSIVE AGENCY MANAGEMENT by Carol Hammes Even in the best of times, managing an insurance agency isn't easy. The past decade has brought about rapid changes in technology, created more sales opportunities, and presented new operational challenges. In this article, we'll look at how new trends are affecting management, relationships, distinctions between exempt and nonexempt employees, agency trust requirements, and procedures. Opportunities to join mergers or networks pop up almost weekly, further confusing already murky business plans. As if direct writing companies, banks, the Internet and mega-brokers aren't enough, accountants are getting commissions for Life insurance sales and they may begin selling other lines. The ...

...s claim department. Request additional information: Send a letter, note, o...onship with a client. Transmit additional documentation to company: If and when additional information is necessary, copies...

... may benefit as well by selling additional insurance. There's also the E&O p... won a case brought against you, the defense dollars could be significant. Jur...