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... the state of Texas (our state), and is a companion to similar legislation within each state jurisdiction. The Code embodies much of the statute, but a prevailing duty is left uncommunicated. The duty to act as you have agreed to has long been the adhesive of society. Without it, we would have one heck of a time agreeing with anything or anybody. The spirit of that duty is incumbent on every agent. In layman's language, it requires agents to make an effort to: 1. Become professionally aware ... indicating that the insured had all the proper coverages to meet the standards of contracts required by the client. The client, a general contractor, reported a loss arising from the work of the insured. The loss resulted in discontinuation of underground utility service to a major manufacturing plant. The insured, a swimming pool subcontractor, did not have coverage for the underground property damage. The insurance carrier for the general contractor responded to the loss, and then subrogated against the pool contractor. Finding for the plaintiff-who subsequently found another insurance-related resource ... his agent's E&O policy. These cases continue to occur, and the failure to obtain the proper coverage represents over 50% of the losses reported to our E&O carriers. They even exceed the secondary category of claims source: Failure to obtain any coverage. Case No.1: Failure to Obtain Any Coverage The insured instructed the agent to review his coverages and determine if he was adequately protected from loss arising from having to move his premises after a loss. Sounds a bit like a piece of coverage called Time Element ...

...ESIS by Roy L. Phillips, CIC, CPIA and Dan R. King, CPIA This article addres...nt is that it should exist. Innovation and creativity have no place in the she...