https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/943/MANAGING-TO-AVOID-ERRORS-OMISSIONS-PROBLEM/
... Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. 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 Managing To Avoid Errors & Omissions Problem 4/30/2013 10:35:25 PM by CompleteMarkets Editor , Carol Hammes This content has not been rated yet. MANAGING TO AVOID ERRORS & OMISSIONS PROBLEM by Carol Hammes Professionalism+ education+ training = fewer E&O claims. Today, it's an unfortunate fact of life that an insurance agent does not have to do anything wrong to be sued. People ... have a loss that's not covered tend to lash out at the closest party - often the agent who recently sold them a policy. One in every five insurance agencies will be hit by a lawsuit, and the average agency is four times more likely to be sued today than it was 20 years ago. It's a small comfort that more than 70% of all E&O claims are settled without payment. The loss of valuable management and sales time, impact on employee morale and productivity, and the damage that the news can do to the agency's reputation can be devastating. To avoid having a claim filed against you, you must make sure that your insureds have confidence in the agency's ability to take care of their needs. To successfully defend and mitigate the damages from a lawsuit, ...
https://completemarkets.com/Article/article-post/105/Final-Check-Protect-Against-Errors-And-Omissions/
Final Check: Protect Against Errors And Omissions
...cted, and the exposure to unnecessary errors and omissions will decrease substantially!
...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/235/E-O-Claims-Training-Remediation-After-The-Error-Or-Omission/
... Immerse yourself in our stacks. Take some time and browse through our library. 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 E&O Claims: Training/Remediation After The Error Or Omission!4/30/2013 12:00:00 AM by CompleteMarkets Editor , Ken Buehler This content has not been rated yet. If an error or omission occurs, you can't undo it. You can take action to prevent similar incidents in the future, though. An examination of the incident can reveal areas that need your attention. After an incident takes place, you ... to ask these questions: Were agency procedures and policies followed? Was everything about the incident properly documented? Were insurance company underwriting guidelines and binding authority guidelines followed? Did the employee (producer or support person) exceed their authority? Did the insurance company perform its responsibilities properly? If it didn't and the agency was aware of this, did the agency bring it to the company's attention? If it turns out that the agency does have some responsibility for the error or omission, even if to a very small extent, training and remedial action are in order. With that in mind, let's look at each question. Were agency procedures and policies followed? It's part of every employee's job to follow agency procedures and policies; whether they do is part of their performance evaluation. If employee ...
https://completemarkets.com/Article/article-post/235/E-O-Claims-Training-Remediation-After-The-Error-Or-Omission/
...ms: Training/Remediation After The Error Or Omission!
If an error or omission occurs, you can't undo it...y will speak volumes about the culture of the agency you operate.
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/985/ERRORS-AND-OMISSIONS-CONSIDERATIONS/
... Newsletters Employees Articles Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. 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 Errors And Omissions Considerations 4/30/2013 10:36:15 PM by CompleteMarkets Editor , Carol Hammes This content has not been rated yet. ERRORS AND OMISSIONS CONSIDERATIONS by Carol Hammes The old saying The cobbler's children go unshod' could apply to many insurance agencies today. Thousands of agents don't carry any E&O insurance at all, and many more might not have the right coverage ... Although they analyze risks and review policy forms to give their prospects and clients the best and most comprehensive insurance plans, they often don't give their own situations the same type of evaluation. With the expanded responsibilities that agents have taken on, such as fee-based consultative services or providing underwriting decision-making assistance for insurance companies, comes additional professional liability exposure. The available E&O coverage has been changing dramatically, too. There's no standard policy anymore, and having the wrong coverage can literally bankrupt a firm. If a claim isn't covered by the policy or is in dispute, the legal costs alone can be devastating — not to mention the settlement. Agents need to review their E&O policies 60-90 days prior to renewal for potential gaps in coverage and to see whether they can get better coverage ...
https://completemarkets.com/Article/article-post/125/Checklists-Protect-Against-Errors-And-Omissions/
Checklists Protect Against Errors And Omissions
I recently got to ...o through this process once. And think of the time you'll save correcting mist...
https://completemarkets.com/Article/article-post/985/ERRORS-AND-OMISSIONS-CONSIDERATIONS/
Errors And Omissions Considerations
ERRORS AND OMISSIONS CONSIDERATIONS by C...y. The late Carol Hammes, principal of the Middleton Group, was one of the Independent Agency System’...
https://completemarkets.com/Article/article-post/775/Admissibility-As-Evidence-For-Errors-And-Omissions-Claims/
Admissibility As Evidence For Errors And Omissions Claims
If (when) yo...aintains systems to limit and prevent Errors and Omissions losses
https://completemarkets.com/Article/article-post/1452/PROCEDURES-IN-AN-AGENCY/
...rt Reduction of potential for Errors & Omissions claims Easier revie...roblems, and, especially, declinations of coverage. All staff members should ...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/1678/HOW-TO-CANCEL-A-POLICY-CORRECTLY/
... photocopy this authority by company and give a copy to each person handling cancellations. 3. Establish an internal communication system that will immediately put the accounting department on notice that a policy has been canceled and that they must follow up on the flagged amount. It would be wise to develop a standard form of written communication for this, or to give a copy of the cancellation form to accounting. Errors & Omissions Possibilities Improper handling of cancellations can result in great costs to the agency-both through Errors & Omissions claims and uncollected earned premiums. What happens if: You fail to follow up the receipt of the signed cancellation request form? If it is not received promptly by the company, the date of cancellation will not be recognized by the company, and the policy will continue to earn a premium ... which may be uncollectible from the insured. You do not send the proper forms for the insured to sign, or have neglected to instruct the insured correctly? Since the policy has not been canceled, if a large claim should occur, your company would have to pay. Depending upon the circumstances, that could result in an errors and omissions problem for your agency. You do not obtain the mortgagee release (signature) on the form? If this signature is not obtained, the mortgagee is still covered in the event of damage to the property in which the mortgagee has interest. Remember: You must complete the form very carefully, being sure that typographical errors are corrected on all copies. Never sign anyone else's name on the form to speed up the processing. The insured who signs ...