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...t Reduction of potential for Errors & Omissions claims Easier review...g to an insured that you do not understand. Promise anything that yo...

... They didn't take the time to provide true customer service, which I define as "recognizing and addressing a customer's needs." The losses also come from failure to upgrade coverage (Homeowners 3 to Homeowners 5) . Many of these high-valued homes had not had an appraisal, or even an inspection, in years and were woefully underinsured. Finally, as you would imagine, most of the claimants lacked proper coverage for jewelry, furs, silverware, fine arts, etc. Such failures can cost agents dearly. Deductibles for E ... procedures, forms and form letters. It's essential to complete a coverage and exposure checklist when writing a new policy. You should also conduct an annual protection review by direct mail or on the phone. Both of these activities will not only limit your agency's exposure to errors and omissions, but also provide additional sales opportunities. Properly used, the checklist and annual review will help your agency provide professional customer service, while growing revenues. For agencies that have a good record with their E&O carrier, an internal or external ... decimated by a firestorm that razed ore than 2,000 homes and cost insurers more than $600 million in claims. The average replacement cost on the dwellings was more than $300,000. After reconstruction had begun, more claims kept arising — claims of omission against insurance agents for failing to do their jobs properly. They didn't take the time to provide true customer service, which I define as "recognizing and addressing a customer's needs." The losses also come from failure to upgrade coverage (Homeowners 3 to Homeowners ...

... limit your agency’s exposure to errors and omissions, but also provide addit...unity to increase income per account, and subjecting your agency to a loss of dollars, E&O coverage, and public opinion.

... /owner let payments ride? If it's tightened, will the accounts go elsewhere? Take a good look at the other agency's loss ratio, especially Personal Lines. Some companies today are gearing future commissions on the last three years' loss ratio. Get an independent appraisal by a consultant. Determine the average age of at least the key accounts. People like to do business with their contemporaries. If possible, do your own financial analysis and have it checked by an accountant. Determine how the newly formed agency will work. ... a thorough investigation of the agency in question. Look at: Its five-year figures; its relationship with its companies; the breakdown of its premiums (Commercial Lines vs. Personal Lines); its history in regard to ownership, claims, employee agreements, and prior Errors and Omissions claims. Find out which carriers it has lost. Also, take a look at the accounts receivable. Does the current agency/owner let payments ride? If it's tightened, will the accounts go elsewhere? Take a good look at the other ... loss ratio, especially Personal Lines. Some companies today are gearing future commissions on the last three years' loss ratio. Get an independent appraisal by a consultant. Determine the average age of at least the key accounts. People like to do business with their contemporaries. If possible, do your own financial analysis and have it checked by an accountant. Determine how the newly formed agency will work. Deal with the "nuts and bolts" of the agency's operations. Talk to carriers about the agency in question. They're excellent ...

... /owner let payments ride? If it's tightened, will the accounts go elsewhere? Take a good look at the other agency's loss ratio, especially Personal Lines. Some companies today are gearing future commissions on the last three years' loss ratio. Get an independent appraisal by a consultant. Determine the average age of at least the key accounts. People like to do business with their contemporaries. If possible, do your own financial analysis and have it checked by an accountant. Determine how the newly formed agency will work. ... a thorough investigation of the agency in question. Look at: Its five-year figures; its relationship with its companies; the breakdown of its premiums (Commercial Lines vs. Personal Lines); its history in regard to ownership, claims, employee agreements, and prior Errors and Omissions claims. Find out which carriers it has lost. Also, take a look at the accounts receivable. Does the current agency/owner let payments ride? If it's tightened, will the accounts go elsewhere? Take a good look at the other ... loss ratio, especially Personal Lines. Some companies today are gearing future commissions on the last three years' loss ratio. Get an independent appraisal by a consultant. Determine the average age of at least the key accounts. People like to do business with their contemporaries. If possible, do your own financial analysis and have it checked by an accountant. Determine how the newly formed agency will work. Deal with the "nuts and bolts" of the agency's operations. Talk to carriers about the agency in question. They're excellent ...

..., employee agreements, and prior Errors and Omissions claims. Find out which carri...at the agreement contains non-compete and non-piracy clauses that are reasonable and enforceable. If poss...

...ompanies on time? Has it incurred errors and omissions claims due to sloppy procedu...e of the initial questions that agents and bankers must ask and answer before even considering a re...

...hese three agents has the greater errors and omissions (E&O) exposure? Which is more likely to be sued for mishandling an account? In today’s legal envir...an do right by her companies, clients, and agency.

...ween 1999 and 2004. As business appraisers, our firm has noticed an overall in...(707) 936-6565 or by e-mail at info@oakandassociates.com. Reproduced by permis...

... b. Use the dwelling cost estimator of the company you are quoting for a Homeowners policy. Be sure that the square footage given by the insured is correct. And obtain all requested by the company-don't guess. c. Recommend that the insured obtain a replacement cost appraisal on commercial buildings. 7. Hazards Overlooked and Not Covered a. For THE AGENT: It is wise to use a regular checklist when discussing a new or renewal Commercial account. Should the insured decide not to purchase a certain coverage, have the insured initial ... training new staff, monitoring the paper flow in the office, evaluating the quality and quantity of your staff's performance, and serving as a reference manual for all staff people. What are the benefits of establishing uniform procedures? Elimination of duplicate effort Reduction of potential for Errors & Omissions claims Easier reviewing of agency activity Provides a clearer view of the roles that each employee must play Establishment of a basis of measurement and implementation of service standards In developing the procedures presented here, we recognized that every office is different. Therefore, you'll ... procedures that have worked for the majority of offices; you will need to review each procedure and tailor it to your particular office as may be required. Here are several steps you might use when reviewing these procedures: 1. Assign one staff person to review one procedure, to make recommendations or advise that it should be used as printed within 10 days. 2. When all procedures have been reviewed by one or more persons, call a meeting of only those individuals using a particular procedure and review the procedure, discussing it ...