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...enefits to independent agents and brokers. It provides a perfect tool for soli... arrangement with IMMS correspondent brokers principally in the following stat...

... New Jersey ruling, it highlights the potential for exposure in all states. Our subsequent conversation revealed a simple method of avoiding this E&O issue. See our remarks at the end of this article about how to protect yourself In a malpractice suit against an insurance broker by its customer, the New Jersey Supreme Court decided that insurance brokers may not rely on a customer's failure to read his insurance policy as the basis of a defense of comparative negligence. Aden v. Fortish, 169 N.J. 64 (2001) Before this ... negligence' than the negligence of the broker. The Appellate Division ruled that this was an issue for jury consideration based on existing decisional law. The Supreme Court indicated that inasmuch as the broker stands in a fiduciary relationship to the insured, brokers may not diminish their liability under the comparative negligence act when the alleged negligence of the client relates to the past for which the professional was hired. That rule is premised on the heightened responsibility of professionals in this state. The court based this decision on the principles of two previous cases: ... a New Jersey ruling, it highlights the potential for exposure in all states. Our subsequent conversation revealed a simple method of avoiding this E&O issue. See our remarks at the end of this article about how to protect yourself In a malpractice suit against an insurance broker by its customer, the New Jersey Supreme Court decided that insurance brokers may not rely on a customer's failure to read his insurance policy as the basis of a defense of comparative negligence. Aden v. Fortish, 169 N.J. 64 (2001) Before ...

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...reme Court decided that insurance brokers may not rely on a customer’s failure...of action won’t relieve the agent’s liability if the insured assumed in any wa...

...inancing for their property and liability loss exposures. Medium-sized and sm...onthly online magazine for risk and insurance professionals.

... Links Categories Popular Recent All Back Insurance Policies Demand Careful Review!4/30/2013 10:40:04 PM by CompleteMarkets Editor This content has not been rated yet. INSURANCE POLICIES DEMAND CAREFUL REVIEW! Because insurance policies are legal documents, some agents and brokers mistakenly assume that they have been subject to meticulous examination by the insurer prior to delivery. A careful review of the policy by the drafters and the broker or agent should guarantee that the policy fully expresses the intentions of the insurer and the expectations of the insured ... Unfortunately, the level of quality control of even the most prestigious of agents, brokers, and insurers is sometimes low. Poor English is often the rule, and the readability of some policies can be described only as tortuous. One judge reviewing a Directors and Officers Liability policy compared the policy wording to a linguistic Tower of Babel. If you are involved in drafting language for use in insurance policies or other contracts, we recommend finding a copy of a little book by Richard Wincor entitled Contracts in Plain English. One of the contract ... We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Insurance Policies Demand Careful Review!4/30/2013 10:40:04 PM by CompleteMarkets Editor This content has not been rated yet. INSURANCE POLICIES DEMAND CAREFUL REVIEW! Because insurance policies are legal documents, some agents and brokers mistakenly assume that they have ...

... licensed companies are unable to underwrite certain unusual types of risks, which can be written by non-licensed companies. Though unlicensed and unregulated, these companies do a significant amount of business. They are called Surplus Lines' or Excess Lines' carriers and sell through Surplus Lines brokers, who are regulated. In some cases, you can do business with them directly. Many are large, well-managed companies with an excellent product. (Lloyd's is a surplus lines insurer in all states but Illinois and Kentucky.) Others are a little shaky ... of an income-producing activity: utility, toll road or bridge, auditorium, and so forth Loss of taxes because of destruction of a principal taxpayer's property Extra expenses from administrative dislocations following any catastrophe Extra expenses from hand processing data after loss of data-processing facilities Unusual types of liability, such as liquor liability, that are not perceived as important until an unforeseen situation Loss Prevention Safety programs affect insurance costs indirectly by reducing losses (which in turn indirectly affect premiums), but few safety measures are recognized in liability rating. To find out ... Back Managing Risk: A Guide For Your Business Client, Part 4 Of 4 4/30/2013 10:40:32 PM by CompleteMarkets Editor This content has not been rated yet. MANAGING RISK: A GUIDE FOR YOUR BUSINESS CLIENT Part 4 of 4 INSURANCE AND RISK MANAGEMENT This is the generally accepted sequence of risk management activities: The risk of loss is identified and measured. It's reduced as much as feasible by loss-prevention techniques. The loss is accepted as a budgeted cost to the extent that it can be fitted ...

... 4/30/2013 10:40:04 PM by CompleteMarkets Editor This content has not been rated yet. DEMAND CAREFUL POLICY REVIEW Because insurance policies are legal documents, some risk managers might assume that they've been subject to meticulous examination by the insurer and the broker before being delivered. A careful review of the policy by the drafters and by the broker or agent should guarantee that the policy fully expresses the intentions of the insurer and the expectations of the insured and that it uses proper grammar and punctuation. After all, ... loss. Unfortunately, the level of quality control of even the most prestigious of agents, brokers and insurers is sometimes low. Poor English is often the rule, and the readability of some policies can be described as tortuous. One judge reviewing a Directors and Officers liability policy compared the policy wording to a linguistic Tower of Babel. Along with poor draftsmanship, risk managers we spoke with listed the following common oversights as particularly annoying: Policies delivered without proper authorizing signatures  Incorrect inception, expiration, or retroactive dates&# ... and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Demand Careful Policy Review 4/30/2013 10:40:04 PM by CompleteMarkets Editor This content has not been rated yet. DEMAND CAREFUL POLICY REVIEW Because insurance policies are legal documents, some risk managers might assume that they've been subject to meticulous examination by the insurer and the broker before being delivered. A careful review of the policy by the drafters and by the broker or agent should guarantee that the policy fully expresses ...

...tural, since insurance agents and brokers have more complete knowledge. Howeve...se functions: (1) You'll coordinate insurance-buying expertise, and (2) you'll...