E&O Prevention
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February 24, 2011
 
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AgentsofAmerica.ORG is an Insurance Agent's Association and indispensable resource for news, products, services, education, and industry information throughout America. The organization's Mission is to deliver the BEST people, products, information, and services to Agents on a daily basis all designed to help them manage and grow their business, increase their revenues and provide ongoing value to their clients. Our motto is "Bringing the BEST Together."

AgentsofAmerica.ORG is offering a FREE MEMBERSHIP to anyone interested in learning about the valuable benefits the new organization offers. All members are eligible for additional discounts and access to an extensive array of other membership programs.
Letter from the Editor

Next week, AOA will be formally announcing that it will release in the latter part of this year an E&O Loss Control / Risk Management Manual for Insurance Agents and Brokers.  This comprehensive one-of-a-kind e-book will have 26 distinct chapters and will represents a collaborative effort by more than 25 top E&O insurance attorneys and experts from across the country.

 

This project has been in the works for over the past year, and once completed will offer and provide a tremendous amount of value and benefits to the Insurance Industry.  The book will provide E&O loss control techniques and a compendium of the relevant law from the quoting process up through claims reporting.  It will also feature special chapters on licensing, security and privacy, social media and placements in the London market, as well as best practices check lists for hands-on use at the agencies and brokerages.
 
AOA is in the process of partnering with a third-party provider to obtain continuing education accreditation for the project, which will serve as a platform for the creation of E&O loss control webinars and seminars.  It is our expectation is that we will be able to create a CE component, thus making the content even more valuable to both the agents and their carriers.
 
AOA is seeking to partner with insurance companies, as well as other insurance associations and organizations, which can use this valuable resource with their insureds or members and to assist in decreasing the number and severity of E&O claims. For those interested, we have included a link to the Table of Contents which includes the title of each chapter and the name of the expert authors.

This month's poll question:
 
How do you determine the limits of liability for your firm?
 
        Carrier required limits
        Number of producers
        Revenue of the firm
        Number of clients
        Product specialization
        
Again, we want to thank everyone for their support, remember to tell your friends and business associates that AgentsofAmerica.ORG is now offering FREE MEMBERSHIP.  

Bringing The Best Together

 

Brit Weimer, Esq.

Table of Contents
recentdevelopmentsRecent Developments in Regards to
The Duty to Advise/Procure
By Peter J. Biging
 
Generally, an insurance agent/broker has a duty to procure the coverage that has been requested, or if unable to obtain same, to advise the customer of the inability to do so within a reasonable time.  There is generally no duty to provide advice about the sufficiency of coverage, the existence of additional, optional coverages, or to ensure that the customer has complete coverage for all potential risks presented. 
 
 
 
areyourAre Your Contracts a Time Bomb?
By Charles T. Wilson, CMC, CRM, RPLU
 
Contracts are an essential-and very dangerous-part of business life:  they can be as simple as a handshake, or run into hundreds of pages (neither are recommended).  They are the spark behind buying, selling, and all business transactions in between.  And that spark can set off the time bomb that blows up many a business owner.
 
 
 
reducingReducing Your Catastrophe Exposure - Lessons From Ike
By Brown & Brown
 
On September 13th, 2008, Hurricane Ike made landfall over Galveston, Texas. Ike became the third most destructive hurricane in the history of the United States with over 100 deaths and an estimated $24 billion in damages.
 
Almost two years after the disaster, Farmers agents continue to report E&O claims to Lancer Claims Services.  As expected, the larger portion of claims stemming from this catastrophic event involved personal lines; however there have been a fair number of commercial claims as well.  As Lancer has investigated the hundreds of claims reported, a few trends were uncovered.
 
 
 
sellSell Like a Robber Baron - Rapport
By Ed Lamont
 
Standard Oil co-founder John D. Rockefeller once said, "The ability to deal with people is as purchasable a commodity as sugar or coffee; and I'll pay more for that ability as (for) any other under the sun."  Rapport, "The ability to deal with people..." as Rockefeller described it over 125 years ago, anchors selling success.
 
 
 

 

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By Wendy  L. Wilcox, Esq.
 
The California Supreme Court, in Los Angeles Unified School District v. Great American Ins. Co., 49 Cal.4th 739 (2010), held that a general contractor was entitled to relief due to a school district's nondisclosure of certain conditions regarding the construction project.
 
Plaintiff, a school district, accepted the defendant-contractor's bid to complete a school construction project that was started by another contractor.  The contractor sought extra compensation for correcting undisclosed defects.  The district paid the contractor for the extra compensation and filed this action to recover the extra compensation.  
 
 
 
newyorkNew York Insurance Department Opines That an Insurance Producer May Not Pay a Fee to an Association for Access to Members
By Colleen M. Murphy, Esq.
 
The Office of the General Counsel of the New York State Insurance Department issued OGC Op. No. 11-01-02 on January 5, 2011.  www.ins.state.ny.us/ogco2011/rg110102.htm 
 
The New York Insurance Department opined that under the facts described in the opinion, an insurance producer may not pay a fee to an association for the association to provide access to the association's employer members so that the agent can sell group policies of life and accident and health insurance to the employer members.  To do so would run afoul of Insurance Law 4224(c), as any such payment would constitute an unlawful payment of commissions by a producer to an unlicensed person.  However, the insurance producer may provide the administrative services as listed in the opinion to the association and its employer members without violating the rebating and inducement prohibitions contained in Insurance Law 4224(c), provided that the agent offers the services in a fair and nondiscriminatory manner to like insureds or potential insureds.
 
 
 
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areyouAre You Ready to Meet the CEO?
By Mark Hunter "The Sales Hunter"
 
It's the meeting for which you've been waiting. Finally, you've been able to secure a meeting with the CEO of the company you know you can help.  For the past year, you've been researching the company and developing relationships with as many people as possible.
 
In particular, you have gotten to know the two gatekeepers who have been up to now blocking your way to the CEO.  Last week your call to the administrative assistant finally hit home and you're on the CEO's calendar in three weeks.  Now is the time to get ready. The degree to which you prepare will directly impact the success of your meeting.
 
   
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networkingNetworking  
By Ed Rosa  
 
Some people don't have the time to network but if you are one of the fortunate few that do, take advantage of it. Whether you are gainfully employed or unemployed, networking is something that can benefit us all in business. Websites like Meetup.com or Linked-In can be very helpful. You can also attend industry events such as PLUS or ASHRM. But you have to make the best use of your time. Here are some tips to help you determine where to go and what to do when you get there.
This newsletter is produced in conjunction with Agents of America, www.agentsofamerica.org. The contents of which may not be reproduced without the express written permission of Agents of America.