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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...

... 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.

... that agents and bankers must ask and answer before even considering a relationship with the other. If both players feel comfortable with the answers, then the way will be paved for further evaluation. Roger Thomas, CIC is a principal of Thomas & Thomas Agency Consultants and Appraisers, Inc., located in Livingston, Texas. Thomas specializes in assisting agents in all matters relating to sales, mergers and acquisitions of agencies; provides litigation support to insurance companies and agents; and consults with agents and companies regarding most agency and company issues ... . This differs from reputation and goodwill. Quality refers more to management's ability to effectively and successfully operate and manage an insurance agency. Does the agency have a good track record with its companies? Does it pay its bills and companies on time? Has it incurred errors and omissions claims due to sloppy procedures? Does it have good loss ratios? Has it earned any special privileges from its carriers? Do employees and management perform as a team, with minimal problems? Is an productive, ongoing training program in place? Does ... agency set and achieve goals? If you are a banker, answers to these and many more questions may be difficult to obtain, but with some well placed inquires, you may be able to find more answers than you would think possible. 5. Hidden agency liabilities. Are there unreported embezzlements? Has the agency paid any E&O claims out of its pocket? Are there potential E&O claims or lawsuits waiting to explode? Does the agency carry an adequate E&O policy limit? Are there family or ...

...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.

..., 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...

... 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 ...

...of the acquired business, such as errors & omissions exposure. The seller may...t of a decedent, suffering both estate and income tax (with