https://completemarkets.com/Article/article-post/719/The-Impact-Of-Customer-Care-On-E-O/
...s mandatory. “The Gold Book: A Compliance and Risk Management Procedure Progr...unity to increase income per account, and subjecting your agency to a loss of dollars, E&O coverage, and public opinion.
https://completemarkets.com/Article/article-post/932/DEVELOPING-BROKER-SERVICES-AGREEMENTS/
...viewing all contracts to ensure compliance with insurance requirements, noting...Gary W. Griffin, ARM, is principal consultant of Warren, McVeigh & Gri...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/932/DEVELOPING-BROKER-SERVICES-AGREEMENTS/
... , auto identification cards, etc. The broker should verify rates, premium amounts, and audit results. As an optional service, the broker might review and analyze contract risks. This task usually requires the broker to develop a strategy for reviewing all contracts to ensure compliance with insurance requirements, noting any uninsured exposures. In addition, the broker should keep the insured abreast of pertinent insurance industry developments — both current and anticipated — and develop effective strategies for aggressively managing those developments. Claims Management. For some insureds, claims management ... of the two. The insured pays — directly or indirectly — for the broker to perform certain services which might be limited to the marketing and placement of insurance; or they might include hands-on assistance with such things as risk identification and measurement, loss control, claims consulting, and actuarial studies. Although most businesses enter into some form of written contractual arrangement with many of their vendors, most don't have such contracts with their insurance brokers. This can hold true for even very large organizations where brokers' fees and commissions can range ... your service agreement contains the broker's promise to fulfill these administrative functions: The broker should acknowledge that they've read each policy, binder, endorsement, or other documents, and that those documents are accurate and provide the coverage intended. Insureds would be appalled to discover blatant errors or omissions, poor grammar, or frequent misspellings in their policies. Insurance policies are legal documents; make meticulous policy review mandatory. If the insured's risk manager doesn't perform these functions, the broker should issue, record, and track insurance certificates, binders, ...