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... Cancel Loading.. About Us Services Jobs PR 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 E&O Insights: Let Me Think About It … 4/7 /2014 12:00:00 AM by CompleteMarkets Editor , Curtis Pearsall This content has not been rated yet. A client who utters these words might well be laying the groundwork for a nasty E&O claim. Consider this case: The insured had a niche market for tow truck operators. The claim involved a client from another state whose tow truck rear-ended a car, causing an occupant of the vehicle to become a wheelchair-bound paraplegic. The underlying case was worth $5 million to $10 million. The client, a new customer, had provided a copy of his previous policy to the agent and asked for coverage. The agent stated that he saw the previous policy had $1 million primary and $4 million umbrella. According to the agent, he told the client he was only going to obtain a primary policy for $1 million and that the client was going to think about whether he wanted the umbrella coverage. Again, according to the agent, the client never got back to him on the umbrella. The client testified that he told the ...

E&O Insights: Let Me Think About It …
A client who utters these words might well be laying the groundwork for a nasty E&O claim. Consider this case: The insured had a niche market for tow truck operators. The claim involved a client from another state whose tow truck rear-ended a car, causing an occupant of the vehicle to become a... and will serve as solid protection against an E&O claim.

... of various sizes. Although "errors or omissions" from this line of business amount to only around 6% of E&O claims, when they occur, they tend to be much larger than with other coverages. What could go wrong? Because writing Commercial Auto is not overly complex, you might question what could go wrong. However, as with any line of business, knowledge of the product – as well of your customer's exposures – is essential. A great starting point is using an Exposure Analysis Checklist, which will help enhance your knowledge of the exposures of your specific type of risk and provide the important questions you need to ask, such as: Are any officers, partners or employees furnished an automobile for personal use? Are owned vehicles used for towing special equipment (air compressors, concrete mixers, etc.)? Are operations periodic or seasonal, resulting in the lay-up of any vehicles for 30 consecutive days or more? Are any automobiles equipped with cellular telephones, two-way radios, citizens band radios, or similar devices? How many automobiles are parked in one location overnight? Does the applicant lease/rent vehicles to others with operators? What is the maximum/average radius of operation? Is there a hired/non-owned exposure? The symbol on the policy indicates what vehicles the coverage includes. The applicable symbols (expressed in numbers), range from "1 " to "9 ," with symbol "1 " being the broadest. This provides coverage for any auto. Thus, if your customer were to lease a vehicle ...

... fastest-growing schemes in stolen auto parts involves airbags. For the convenience of auto mechanics, the bags are made to be easily removed. After all, once they've done their job, they must be replaced. Thieves have discovered that removing airbags is convenient for them, too. For only a few minutes work, these items can net anywhere from $360 to $1 ,800 per unit, depending on the make of the vehicle. After quick extraction, the stolen goods are sold to body shops, which use them as replacement parts, neatly sidestepping the usual high cost. A second up-and-coming scam is employed by other unscrupulous body shops. These shops keep a stock of exploded airbags on hand. They use an exploded bag to temporarity replace the unexploded bag from a car that has been towed in for repair, and then claim that it had been deployed in the accident. Once the claim has been approved, the original unpopped bag is put back and the popped bag is returned to the shelf, ready to use again. A third airbag scam involves using inappropriate replacement parts. Airbags are designed to be compatible with the size and weight of the car. Some shops simply replace deployed airbags with whatever type is available, which may be either too heavy or too light for the car. Copyright, The John Cooke Fraud Report. Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to join? Need insurance for you, your business or your family? Get quality appointments - Save yourself a whole lot of time & ...

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WHAT WE HAVE IN COMMON If there's any one common thread among independent agencies, it is that we are all very independent in the way we do things. For example, a new agency will have ...s shoes.' Both said exactly the same thing, both had exactly the opposite viewpoints. And both probably did what was in the best interests of their company, considering their perspectives. If you don't think a market is right for you, don't waste time in it. Someone else may think it is perfect for them. Define what you are, see what the opportunity is, and find your degree of uniqueness to go aft...

...______________________________ Mailing Address_______________________________...ne) $50 $100 $200 $250 $500 $1,000 Uninsured Motorist Coverage Y N Towing and Labor Y N Rental Reimbursement Y N Discounts: Is everyone in household a Non-Smoker? Y N If there are students in the house: Good student Discount Y N...

... airbag? Well, it depends on your point of view. If you're a typical consumer,...returned to the shelf, ready to use again. A third airbag scam involves using inappropriate replacement parts. Airbag...

...ve. Time to work with a consultant. In this issue of the Pipeline, Al Diamond discusses how to find them and what you can expect from th... mesh well, the best course is to terminate the relationship.

... forecast premium volume accurately, you can still come up with workable estimates. Multiply the number of potential insureds by the average premium per policy to estimate the total premium volume the program will generate. In the past, I've been unsuccessful in securing insurance company markets because the average premium size was too low or the potential premium volume wasn't high enough. Even the argument that there's less pricing volatility in small premiums didn't change the underwriting philosophy of some carriers. The attitude that small accounts are a waste of time will change as technology becomes more sophisticated. Do your homework Before you find a market, the first step is to assess the potential of a specialty program. I cannot stress enough the importance of market research. Start by finding out how many insureds fit your niche program. How many tow truck operators do business in Arizona? What's the number of landscapers working in California? How many nonstandard auto drivers are there in Washington? How many accountants are there in California who need Professional Liability insurance? What about the number of new-car franchised auto dealers compared with the number of used-car auto dealers? The next questions you should ask: How much effort will go into putting the program together? What are your expectations for it? How much will it cost? How much premium volume will it generate? What is the average premium volume per insured? There are many factors that go into quantifying the premium volume of a specialty niche program. Some insurers have declined to write a program because the average premium per insured is too low. Many carriers won't consider underwriting a program unless it ...

... replacement and furnishes protection against personal liabilities. Your independent agent can tailor a policy that meets your needs and provides several types of insurance coverage, including: &# 160 Liability. Covers injuries and damage you cause to other people or their property while operating an automobile. &# 160 Collision. Covers damage to your vehicle in an accident. &# 160 Comprehensive. Covers damage to your vehicle from fire, break-ins, vandalism, theft, and natural disasters. &# 160 Medical Payments. Covers emergency and related medical payments for you and your passengers, regardless of who is at fault. &# 160 Uninsured Motorists and Underinsured Motorists. Protects you and your passengers in an accident with drivers carrying insufficient or no liability coverage. &# 160 Additional Coverages. Pay for expenses such as towing, labor, rental vehicles, etc. &# 160 Irma &# 160 At 35, Irma and her husband Joe have a young son, own a modest home and are about to become parents of twins. The welfare of their growing family is their primary concern. Irma elected to leave her job to care for the children full time. However, the couple was covered under her employer's health care plan, and Joe's employer does not provide coverage as comprehensive as Irma's former company. &# 160 The couple met with their independent insurance agent to determine how they could supplement Joe's health plan to provide sufficient coverage for Irma and the children. The agent reviewed their health care needs and identified an insurance provider that could economically supplement their coverage and meet their needs. With a growing ...