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...r professionals, such as doctors, lawyers, architects, engineers, and CPAs, ha...iligence can help reduce the frequency and severity of E&O claims as well ...

...er, it’s not just for doctors and lawyers. This insurance policy covers errors and omissions, which can be a real problem...ired to carry workers’ compensation insurance coverage for farm laborers. How...

...y should they stay with you? Errors and omissions. By failing to recommen... revenues, greater customer retention, and a lessened threat of litigation. Yo...

...e vulnerable to charges of broker errors and omissions (E&O). Savvy brokers and agents have been advising their client...t to learn the details of EPL coverage and sell more coverage with confidence, there's no substitute for reading and understanding as many different policy forms as you can. Knowing what to look for and what to avoid is essential, but lea...

...C anti-fraud rules. This includes errors of omission, as well as errors of commission. Liability can extend t...ary E. Jacobson, JD can be reached at Vander Wel, Jacobson, & Bishop ...

... (structure, business plan, and cash flow), lay them out for the seller, so that there won't be any surprises. If possible, deal with agents you know. Work out the details with the other principal(s ) personally. Don't let lawyers and accountants in on it until everyone is ready. Achieve a good personal fit. This is important, not only on the personal level, but also in regard to the two agencies' philosophies (i.e., fair treatment of clients and employees, and ... a thorough investigation of the agency in question. Look at: Its five-year figures; its relationship with its companies; the breakdown of its premiums (Commercial Lines vs. Personal Lines); its history in regard to ownership, claims, employee agreements, and prior Errors and Omissions claims. Find out which carriers it has lost. Also, take a look at the accounts receivable. Does the current agency/owner let payments ride? If it's tightened, will the accounts go elsewhere? Take a good look at the other ... loss ratio, especially Personal Lines. Some companies today are gearing future commissions on the last three years' loss ratio. Get an independent appraisal by a consultant. Determine the average age of at least the key accounts. People like to do business with their contemporaries. If possible, do your own financial analysis and have it checked by an accountant. Determine how the newly formed agency will work. Deal with the "nuts and bolts" of the agency's operations. Talk to carriers about the agency in question. They're excellent ...

... (structure, business plan, and cash flow), lay them out for the seller, so that there won't be any surprises. If possible, deal with agents you know. Work out the details with the other principal(s ) personally. Don't let lawyers and accountants in on it until everyone is ready. Achieve a good personal fit. This is important, not only on the personal level, but also in regard to the two agencies' philosophies (i.e., fair treatment of clients and employees, and ... a thorough investigation of the agency in question. Look at: Its five-year figures; its relationship with its companies; the breakdown of its premiums (Commercial Lines vs. Personal Lines); its history in regard to ownership, claims, employee agreements, and prior Errors and Omissions claims. Find out which carriers it has lost. Also, take a look at the accounts receivable. Does the current agency/owner let payments ride? If it's tightened, will the accounts go elsewhere? Take a good look at the other ... loss ratio, especially Personal Lines. Some companies today are gearing future commissions on the last three years' loss ratio. Get an independent appraisal by a consultant. Determine the average age of at least the key accounts. People like to do business with their contemporaries. If possible, do your own financial analysis and have it checked by an accountant. Determine how the newly formed agency will work. Deal with the "nuts and bolts" of the agency's operations. Talk to carriers about the agency in question. They're excellent ...

...rincipal(s) personally. Don’t let lawyers and accountants in on it until ever...at the agreement contains non-compete and non-piracy clauses that are reasonable and enforceable. If poss...

... procedures that will treat customers fairly and with respect for their intelligence and decision-making capabilities. Keep them informed of both the good and bad news in a timely manner. And meet their needs with courtesy and professionalism. A satisfied insured will be less likely to call a lawyer if something goes awry. EMPLOYEE RELATIONS AND THE EEOC The Equal Opportunity Commission sees more than 90,000 claims to be filed against employers in any given year. Almost two-thirds of these actions relate to Title VII of the Civil Rights Act of 1991, which ... /2014 12:00:00 AM by CompleteMarkets Editor , Carol Hammes This content has not been rated yet. This month we will take a look at two more areas where agencies and their owners can get into serious legal and financial trouble: real or perceived errors and omissions and Equal Employment Opportunity Commission (EEOC) violations. In a society where people can sue for almost any reason and where the publicity of high jury awards makes legal action appear to be more lucrative than working for a living, it is impossible to ... protect yourself or your agency from litigation. But there are a number of steps that can be taken to lessen the probability of a lawsuit in the first place and to mitigate the ensuing financial damage if a subpoena does get served. INSURANCE AGENCY ERRORS & OMISSIONS Despite the recent strides made in improving automated support in the industry, the selling and servicing of insurance policies through the independent agency system is by and large still dominated by manual intervention. As a result, the number of mistakes that are made at every level of the ...

...ly to insurance agents as well as lawyers in cases involving simple negligence... are enforceable under both California and U.S. law, unless they can be attack...