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... the insured may allege that they told you about their losses and it's your problem if you didn't put them on the app. With a tightening market there's more movement of business. Make sure you're being honest with your carriers. Here's an example of what can happen, even when an account is properly handled: A client brought suit against her agency when the Homeowners carrier refused to pay a residential burglary loss. The carrier took the position that the police found no evidence of theft and that the claimed loss was invalid. Upon report and investigation the carrier rescinded the policy, claiming that the application falsely stated there had been no prior losses and their investigation disclosed two such losses. The client's suit alleged she had disclosed her loss history but the agency improperly marked no prior losses' on the ... , forged her signature, and never showed her the document. The case was resolved without loss payment after the depositions, when it was revealed that the agent had taken information over the phone and forwarded the application to the client by mail. It was returned with a signature verified by a handwriting expert to be that of the client. Could this claim have been avoided? Probably not. The agency handled the transaction properly, but the client wasn't being truthful. Confronted with the evidence, she finally agreed to dismiss the case. The matter turned out favorably, thanks to the efforts of a good defense counsel, an expert witness, and the credibility of agency employees. Yet it cost the agency more than $17,000 in legal fees! This article originally appeared in the Utica ...

...ier refused to pay a residential burglary loss. The carrier took the position ...ca National Insurance Co. E&O Bulletin and is reproduced with permission. Curt...

...ories of increased crime in ( ). Burglary . . . robbery . . . employee theft . . . it's on the rise, and you need to be certain that you're pro...ht for you. It does pay to look ahead and make sure you're protected. And you can't go wrong with the insuran...

...insureds. When an auto accident, burglary, theft, or vandalism occurs, you're the third to know ...s five years or older [ ] has Accident and Sickness policies five years or old...

... advantage. Files contain much information about each insured. You know not only personal and business data, but also life styles, bill-paying habits, driving histories, financial information, aspirations, plans, and much more, all useful in addressing the Life insurance needs of those folks. Your agency is a constant source of daily change in the financial conditions of your insureds. When an auto accident, burglary, theft, or vandalism occurs, you're the third to know (after the police are informed) . If there's a fire, storm, or flood, you'll know. On the happier side, you're also among the first to know about the new car, the house expansion, new jewelry, fine arts acquisition, promotion, new baby or grandchild, new boat, vacation plans, ... whether a child is going to college or getting married. These events involve P/C insurance, of course. They also provide excellent leads for Life insurance. Good or bad, big or small, they involve a change in financial condition, which, in turn, is exactly what Life agents seek: To identify changing needs and advise how their products may serve. There is no better source of Life leads than the P/C agency. Think about it: No one else in town has such clients who enjoy your relationship and provide a front-line flow of developing information. Your agency is the source of exclusive, valuable Life leads. A SYSTEM Here's one way to set up a Life prospecting system in a P/C agency: The need must be eliminated for P/ ...

... as follows: Liability Exposures Automobile Aircraft Water craft Premises Products Completed operations Contractual Professional - errors and omissions Directors and Officers legal liability Property and All Risk Coverage Exposures Real property Personal property Time element exposures Business interruption Extra expense Cargo - Inland Marine and Ocean Marine Valuables on display and in transit Computer - software and hardware Off-site record storage Accounts receivable Retroactive building codes compliance Automatic sprinkler leakage Debris removal Crime Exposures Burglary and robbery Cash - on and off premises Checks and securities Employee fidelity Forgery and embezzlement Workers Compensation Exposures Applicable state regulations States operating via monopolistic fund Agriculture and domestic workers activities Marine activities Longshoremens' and Harbor Workers Act 6.2 Legal Compliance Considerations Federal, state and local governments are continually increasing the number of requirements and prohibitions under which businesses must operate. Failure to comply with them can lead to fines ... be comprehensive in scope and not become inhibited by the traditionally narrow considerations of only those perils addressed by standard commercial insurance policies. Significant crisis perils to be considered include, but are not limited to the following: fire, flood, earthquake, severe windstorm, building collapse, workplace violence, product contamination, death and torts. Less traditional, but potentially severe exposures, include kidnap, embezzlement, theft, disability, appropriation of assets (foreign or domestic), product extortion or product recall. Some organizations have not survived the adverse publicity following a serious product liability loss and/or recall situation. 5.2 Unique Loss Vulnerability Identification Even more important than the mere potential of crises is the unique exposure vulnerability susceptibility which adversely impacts and influences loss magnitude. Frequently the quickest and most simple way to ...

...is removal Crime Exposures Burglary and robbery Cash - on and off premises Checks and securities Employee fidelity Forgery and embezzlement Workers Compensation Exp... on-going exposure to such regulations and to assure compliance where required.