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...ency E&O exposures are trusts, cyber risk, Non-Ownership Auto exposures (P...e insurer. DIRECTORS & OFFICERS LIABILITY Nonprofit and for-profit corpora...

Cybersecurity: Opportunities For Agents
CYBERSECURITY: OPPORTUNITIES FOR AGENTS by...ith network security firms that offer cyber-risk assessment and mitigation ser...

...e life has moved to the Internet. Cybersecurity problems have become increasi...on, or even face legal issues. These cyber threats are getting smarter. So it...

... roles during unforeseen events. Cybersecurity Measures We live in an era do..., addressing the escalating threat of cyberattacks, and building a multi-skil...

... a broker of record. Primarily, how confident are you the current policies reflect the current exposures? Is your agency/producer familiar with this type of account and the exposures this type of risk faces? In addition, based on the quality of the job the prior agent did, there might be coverages available that haven't been discussed with your new customer but need to be for exposures such as cyber liability or employment practices liability. The bottom line: Duplicating the prior agent's mistakes does NOT isolate your agency from the possibility of an E&O claim if a customer has a claim that their policies didn't cover completely. Falling into the "renew as is" trap is one of the worst things you can do. It's best to treat this new customer, personal or commercial, as ... they were a brand new prospect. Prove your value by conducting a comprehensive review of the file. This includes analyzing their current program, identifying their exposures, and providing them with coverage options. Exposure Analysis Checklists are a great tool to assist you in this regard. Be sure to bring to your customer's attention the differences between their current coverage and the options you're proposing and to document all discussions. An additional question that's essential to resolve is exactly when does your agency technically become the official agent of record. Is the account switching over all of its business or just some of it? Does this take effect at the next renewal or mid-term? What are the wishes of the parties? What is the position of your carriers? Resolve these matters with your insured and carriers to ensure proper ...

...tements, though, too, and purchase cyber liability insurance as a further protective m...

... 30/2013 12:00:00 AM by CompleteMarkets Editor , Ken Buehler This content has not been rated yet. With so many new concepts, new types of business, and changes in existing insurance products, insurance agents need to be more diligent than ever in analyzing their Errors and Omissions risks and exposures. Some of the areas that open up agency E&O exposures are trusts, cyber risk, Non-Ownership Auto exposures (Personal and Business Auto), D&O Liability, Umbrella & Excess Liability, Employment Practices, home-based businesses, intellectual property exposures, and company solvency issues. Everyone at every agency should keep "due diligence" and "awareness" in mind while taking care of clients. Agents, like other professionals, must demonstrate their knowledge and skill. The technical ... complex nature of insurance raises the standards they must meet. Breaching their duty in a way that injures a client could make the agency liable for the damages. Remember that "perception is reality." If a client perceives that the agency harmed them, the agency will have to defend itself against that accusation. Remember, too, that many other professionals, such as doctors, lawyers, architects, engineers, and CPAs, have much more rigorous training, testing, apprenticeship, and licensing than people in insurance. Because insurance contracts and transactions are so technical, court decisions about what a professional standard of care is often go against the insurance professional. This means that, as they write new and renewal policies, process changes, and interact with clients, insurance professionals must be aware of ...