https://completemarkets.com/Article/article-post/2138/E-O-Insights-Let-Me-Think-About-It-%E2%80%A6/
... x No Thanks Loading.. E&O Insights: Let Me Think About It … 4/7 /2014 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 $ ... 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 agent to duplicate his prior policy, and assumed that he had umbrella coverage. Unfortunately, there was no documentation of the alleged conversations between the agent and the client. The E&O carrier settled the claim for the limit of the agency's policy, $1 million. Could this happen in your agency? There's probably not much question whether clients need or want primary coverages. After all, the vast majority of your commercial clients need liability ...
https://completemarkets.com/Article/article-post/2141/E-O-IN-COMMERCIAL-AUTO/
... Editor , Curtis Pearsall This content has not been rated yet. E&O IN COMMERCIAL AUTO by Curtis Pearsall In virtually every Commercial Lines agency, there's a good chance that most of your accounts have a Commercial Auto exposure and that you write this coverage for them. The type of risk determines the Auto exposure and, for many of those customers, the exposure probably involves vans and/or trucks 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 ... , he or she would need this coverage to collect uninsured motorist (UM) or underinsured motorist (UIM) coverage from the Commercial Auto policy. Limits issues. When losses occur with this line of business, the damages can be significant. Limits of $1 million might sound like a lot, but claims involving bodily injuries can easily exceed this. Thus, it makes sense to offer an Umbrella policy. If your insured doesn't want to carry a $1 million limit or an Umbrella, get their rejection in writing. This sign-off will give you a solid defense if a major claim occurs and the insured alleges you hadn't provided the proper coverage. When providing an Umbrella, especially with a different carrier than the primary, check that the necessary underlying limit requirements are being satisfied. Adding ...
https://completemarkets.com/Article/article-post/680/General-Agency-Advertising/
... newsletter should be personalized. Our CPA firm sends out a newsletter with their name rubber-stamped on it. Frankly, it looks cheap. On the other hand, something too flashy may not fit a particular community. Along with the name, a newsletter should have the agency's logo on it. YELLOW PAGE ADS Most studies indicate that the first thing people look for in the Yellow Pages is a tow truck, and the second is an insurance agency. With that kind of impact, every agency should be listed in the phone book. In my opinion, the telephone book is the modern community business directory. It is printed annually and is current. You buy advertising space to tell your message, and if you want to be affiliated with an insurance company, you can list your agency under ... Also, if he sees the letter is three weeks old, he might assume that somebody else did something about it, or that you would have called if it was important. We have found that advertising price in letters is beneficial. Some folks disagree-agents feel stating an insurance premium is not professional. But when you are selling things that people are not familiar with, such as Life insurance, Umbrella policies, and Snowmobile coverage, prospects want to know if the premium is in their ball park. They don't care if it's the lowest price around-the affordability is what matters. You can give the world's greatest selling pitch on low-cost, high-value Term Life insurance, but if your prospects think they can't afford it, nothing is going to happen. NEWSLETTERS A newsletter is a good vehicle for staying ...
https://completemarkets.com/Article/article-post/212/How-To-Deal-With-A-Wholesaler/
... wholesalers are moving away from the jack of all trades' philosophy and are hiring specialists in niche areas of the marketplace. Once it was quite common to deal with the same E&S broker on Aviation, Marine, and Products Liability accounts. In today's marketplace, you generally find people who specialize in such narrow segments of the industry as Environmental Impairment, Public Officials Errors & Omissions, Motor Truck Cargo, and Railroad Protective. These people are considered experts in their field and can assist you in putting together the most effective insurance (or noninsurance) program for your client. 6. Technical expertise. Many E&S brokers have strong underwriting backgrounds and are good technicians. They have an in-depth understanding of coverages and can assist in the interpretation of policy terms and conditions, as well ... or she can accept and bind risks on behalf of the insurance company based on the company's predetermined underwriting guidelines. In some cases, an E&S broker can operate as both broker and MGA simultaneously on the same risk. For example, the broker may underwrite, quote, and bind the primary General Liability for a specific account in one of his or her contract markets and then broker the Umbrella portion of the account with their brokerage markets. Why Use A Wholesaler? Dealing with a wholesaler has several advantages, including: 1. Time and money savings. Allowing wholesalers to market your accounts gives you an extended marketing department, saving the time normally spent seeking markets and securing coverage. Marketing a sophisticated and complex account, particularly one involving tough Product Liability, poor claims experience, or ...