Agents of America
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Meet the Authors
Of our Brand New Ebook
entitled
"Insurance Agents & Brokers Risk Management Program"
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AOA Preferred Partners
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AOA Affiliate Partners
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AOA Featured Articles -
September 2011
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AoA Advertisers
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Visit AgentsofAmerica.org for more information.
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What is AgentsofAmerica.org?
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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. |
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If you would like to print an article from this newsletter follow these steps:
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I am happy to announce that we created an Advisory Board to work with James Wm. Kallman, Ph.D., ARM, RD, who has agreed to be our editor-in-chief with respects to our up and coming Risk Management eBook, "E&O Loss Control & Risk Management Program for Insurance Agents and Broker." Check out our updated "MEET THE AUTHORS" to our new EBook for more detaits. The Book, once completed, will have 26 distinct chapters plus an Appendix on Best Practices that will represent a collaborative effort of 25 of the top E&O insurance attorneys and experts from across the country. Joining Dr. Kallman on this project will be myself and Dr. Andrew Whitman. The primary responsibility of the Advisory Board will be would be to help identify new topics as well as additional authors, anyone interested part of this project should contact me. As we announce last month, we have another new resource for our readers. Each month, we will feature a brand new Social Media EBook that contains valuable information on how you can harness the power of social media. Each featured EBook will contain a wealth of information that will include such topics as Facebook, LinkedIn, Twitter, Email and Blogging to name a few. This month's EBook is entitled "57 Email List Building Tips", We know you'll find this information valuable for your business. Please feel free to email us to share your comments. In addition, we are happy to consider suggestions or topics you'd like us to put into an EBook" |
This month's poll question:
How many years of P&C Agency experience do you want from your E&O Insurance Carrier?
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1. Does not matter as long as price and coverage is good
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2. 1-5 years experience
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3. 6-10 years experience
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4. 11+ years of experience
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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. Also, available for our readers, AgentsofAmerica.ORG is now offering a new service to all of our subscribers and readers to market their products, services or upcoming events, MARKET SOLUTIONS. This unique opportunity will allow you to reach thousands of Insurance Agents, Brokers and Insurance Professionals across the country in timely, efficient and cost effective manner. In addition to sending out your message, we can also help you use Internet Marketing as medium to convey your announcement, as well as on how it can be utilized to effectively grow your business. If you have any question, please send your inquiries to: info@agentsofamerica.org . "Bringing The Best Together" Brit Weimer, Esq. |
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 Tips to Avoid E&O Claims
By Paul R. Fowkes, Esq. and Ryan C. Hasanbasic, Esq.
It happens more than you would like to think, reputable insurance agencies unknowingly engaging in misguided practices, resulting in unnecessary and costly litigation. The number of Errors & Omissions ("E&O") claims and the resulting costs associated with E&O litigation may be reduced if agencies develop sound practices and policies to avoid such claims. The following tips should assist insurance agents in avoiding E&O exposure.
E&O Loss Prevention
By Brown & Brown of California, Inc.
Allegations against the agent:
The agent was requested to bind a homeowner's risk on a property located in a heavily wooded area. The agent failed to inspect the risk prior to binding the policy. When underwriting received the application and information on the risk, they performed their own inspection and determined that the risk was ineligible due to the fact that risk was located in a National Forest. The agent did not have authority to bind a risk located in a National Forest without underwriting approval. The carrier attempted to get off the risk, but a fire destroyed the home prior to the cancellation date. The carrier was forced to pay for the loss and sought reimbursement against the agent for exceeding his binding authority.
The "Oops" Factor of Risk Management
By Charles T. Wilson, CMC, CRM, RPLU
Contingency planning might be the most important element of risk management. Director magazine several years ago reported that 80% of firms that suffer a major setback to revenue do not survive - unless they have a contingency plan.
Read more...
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Free Does Not Have Value
By Mark Hunter
If something is free - or worse, available in unlimited quantities - how could it have any real value?
My problem with "free" is it's what far too many salespeople and marketing teams are using as a way to try to create loyal customers. Ask yourself, "How loyal are you going to be to something that's free?"
NLRB Makes "Concerted" Effort to Protect Employees' Facebook, Twitter Posts
By Dianna D. McCarthy, Esq.
The Office of the General Counsel for the National Labor Relations Board ("NLRB") has released a Report ("Report") detailing the results of 14 recent social media cases, which provide clarification and guidance regarding the lawful scope of employers' social media policies and the type of social media communication by employees which receives the protection of Section 7 of the National Labor Relations Act.
A Law Firm's Disbursement Of Funds From A Client Trust Account was A "Professional Service."
By Dana Sheridan, Esq.
In Nardella Chong, P.A. v. Medmarc Casualty Ins. Co., 2011 U.S. App. LEXIS 10685; 22 Fla. L. Weekly Fed. C 2109, the Plaintiff law firm filed a declaratory relief action against its insurer, Medmarc Casualty Insurance Co. ("Medmarc"), seeking to determine whether the professional liability policy at issue provided coverage for attorney Chong's erroneous disbursement of client funds from its trust account. The District Court granted Medmarc's motion for summary judgment denying coverage and appeal to the 11th Circuit followed. The 11th Circuit reversed the summary judgment ruling and applying Florida law, held in favor of the law firm, holding that the firm's disbursement of funds was a "professional service" under the Medmarc policy.
Read More...
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Defending an "Inherently Dangerous Product" Has Become More Difficult in New York
Florida state courts (see Aubuchon Homes, Inc. v. Great American Ins. Co., Case No. 04-CA-004430, 20th Judicial Circuit, Lee County, Florida) have begun following Keenan Hopkins Schmidt & Stowell Contractors, Inc. v. Continental Cas. Co., 653 F. Supp. 2d 1255 (M.D. Fla.), a 2009 federal case standing for the proposition that when an insurer denies a claim under late notice it cannot prove prejudice as a matter of law if it is able to investigate a claim sufficiently to permit it to deny the claim on other grounds. The Keenan Hopkins court held that the ability to investigate the claim effectively rebuts any presumption of prejudice arising from the late notice.
Third Circuit Holds That Private Employers Are Not Prohibited By The Bankruptcy Code From Denying Employment To Individuals Who Previously Filed For Bankruptcy
By Christopher J. Conrad, Esq.
KEY POINTS:
· A private employer is not prohibited under §525(b) of the Bankruptcy Code from refusing to hire an individual simply because he or she previously filed for bankruptcy.
· Public entity employers, however, are prohibited by §525(a) of the Bankruptcy Code from denying employment to an individual because he or she previously filed for bankruptcy.
· Public entity employers should not make inquiry as part of a prospective employee's application or interview process of whether he or she previously filed for bankruptcy, as even making the inquiry may be considered discriminatory and in violation of §525(a) of the Bankruptcy Code.
Court Holds That Manifestation Trigger Is Date That Property Damage Became Discoverable
By Eric A. Hiller, Esq.
Four trigger-of-coverage theories are generally applied by courts in determining whether coverage exists under a CGL policy: (1) exposure; (2) manifestation; (3) continuous trigger; and (4) injury-in-fact. For many years, federal district courts in Florida were opposed to an injury-in-fact trigger. In perfunctory fashion, all of them applied the manifestation trigger, which is a simple, bright-line test. However, in three recent opinions issued by federal district courts in Florida, including Mid-Continent Cas. Co. v. Siena Home Corp., 2011 WL 2784200 (M.D. Fla. July 8, 2011), the courts held that the insuring agreement is triggered when the damage becomes discoverable not when it is actually discovered. This essentially means injury-in-fact even though the courts continue to call it manifestation.
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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.
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