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... committed to helping our clients design a Workers Compensation risk managemen...Planning [ ] Employment Practices Liability-  [ ] Workers ...

... expires. Normally, the policy is designed to cover claims reported within fiv... agency, while demonstrating your professionalism and your concerns to your cl...

... all boils down to the fact that your agency needs to exercise a greater degree of due diligence to avoid or reduce the impact of an E&O claim. Taking the right steps will also serve the client more effectively and strengthen your carrier relationships. In that light, we'll discuss three broad topics — solvency, regulatory issues, and policy coverage — focusing on background information, exposures, and agency risk management techniques. SOLVENCY Although solvency is a concern in hard or soft markets alike, the problem worsens with increased E& ... all (also called "prior acts" or "full prior acts" coverage) . Extended Reporting Periods: This is usually called "tail" coverage because once it's added, the policy will cover claims submitted after the policy expires. Normally, the policy is designed to cover claims reported within five years, as long as the occurrence is reported to the insurer within 60 days of the end of the policy term. CONCLUSION We've only covered the tip of the iceberg in soft market/hard market E&O exposures. ... initiatives to reduce these exposures will benefit your agency, while demonstrating your professionalism and your concerns to your clients. 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 & money when you use our directory of carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. More revenue for your agency! Clients & ...

... the Chinese language, the character for the word "danger" also connotes "opportunity." Similarly, the risk of employee suits carries the same overtones of danger-that of uncovered loss. But when viewed in a more positive light, such risk, once recognized, can be dealt with in an effective manner. While new forms of insurance are effective at reducing the uncertainty of incurring loss, insurance by itself is a poor substitute for sound employment policies. Remember, it may be impossible ... or thinly capitalized firms may be severely hit by even a single modest loss. Even some larger firms might find it difficult to absorb the cost of multiple suits. In the last few years, insurers have been queuing up to provide a specialized form of insurance specifically designed to protect against loss incurred in litigating and settling wrongful employment practices liability claims. The generic name for this new coverage is Employment Practices Liability insurance (EPLI) . It should be noted that insurance coverage for some kinds of wrongful employment practice claims may be available ... of employment-related claims. These can include: Wrongful discharge litigation Discrimination and sexual harassment claims Allegations of negligent hiring, retention, and supervision Wage and hour investigations Fringe benefit claims Increased unemployment, disability and Workers Compensation claims Unintended violations of Federal and state leave-of-absence laws Human resource professionals have known for years that communication of the employer's rules, policies, and procedures to the employees, as well as an early intervention in employment disputes or complaints, are effective in limiting both the frequency and severity of suits. Now employment practices liability insurance ( ...

...en that means an attorney. A well-designed employee handbook can be an effecti...e most desirable features under any liability policy, and this holds true for ...

... By imposing rules and procedures designed to avoid E&O problems, you will...ganizational and procedural programs designed to streamline processing and imp...

... and only an assumption that the other owners will treat him with equity. Such a minority owner would be wise to examine the liabilities to be assumed before signing on the line. The next step in the Phillips method is to determine the agency's peer group profile in light of 23 informed judgment factors: The industry image of the agency Management skills demonstrated Carrier markets available or terminated Condition of aged accounts receivables Skill levels and productivity of personnel Historical trend of business growth or attrition Dependence on large-account commission revenue General spread of book, commercial ... is not within the scope of this article to analyze each of these components, but perhaps some comments concerning our example agency would be useful. Let's assume the following: The agency is in good standing with the industry and belongs to associations, and the management has designations. The financial profile reveals skilled management, persistent ANEBT of 25%, the availability of strong markets, and a well-chosen client base. The insurance carriers are well established and widely respected, and have excellent products available. The accounts receivables are at 0' ... carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. More revenue for your agency! Clients & Prospects will research you, your co-workers and your agency here. The most comprehensive online insurance industry reference library for - Personal Lines Professionals Commercial Lines Professionals Life/Health & Benefits Professionals Online newsletters and content that you can use for your clients and social media efforts. Ability to attach leads and clients to your specific market searches, with e-mail alerts for all the market, articles, blogs and ...

... its ratio of surplus to liability, its ratings, interest rates, charges, loads, and surrender fees. Investment philosophy. This is especially important if you're going to be selling the carrier's variable annuity. Carefully study the company's investment guidelines. Consider risk in the light of available margins to meet contingencies. Outside expertise may be a plus, especially for companies in which size does not justify a well-staffed, highly professional investment department. Range of products. Will your insureds have a variety of choices as to how their annuity contract ... /2013 10:40:32 PM by CompleteMarkets Editor This content has not been rated yet. &# 160 ANNUITIES: MODULE V-G &# 160 THE PRODUCT Annuities have been called upside-down Life insurance, ' a phrase that refers to the fact that annuities are designed to pay out while the purchaser lives, while Life insurance is designed to pay once the purchaser has died. An annuity is the systematic liquidation of an estate; Life insurance creates an estate. The basic principle behind annuities is simple: The purchaser pays the ... if you're going to be selling the carrier's variable annuity. Carefully study the company's investment guidelines. Consider risk in the light of available margins to meet contingencies. Outside expertise may be a plus, especially for companies in which size does not justify a well-staffed, highly professional investment department. Range of products. Will your insureds have a variety of choices as to how their annuity contract will be structured? For example: date when payments begin, how long payments continue, premium options, optional benefits, and so on. Software ...

...ociations, and the management has designations. The financial profile rev...

...he changes. That way, you're highlighting only the changes to be made. You mig...m the 1960s versions of the General Liability policies, in three main phases o...