Meet the Authors
Of our Brand New Ebook
"Insurance Agents Brokers Risk Management Program"
|Visit AgentsofAmerica.org for more information.
284C E. Lake Mead Parkway
Henderson, NV 89015
|What is AgentsofAmerica.org?|
|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.
If you would like to print an article from this newsletter follow these steps:
- Click the "Read More ..." link of the corresponding article.
- That will get you to the article page.
- At the end of the article click "print this page" button to print the article.
|This Week's Edition of AOA E&O Prevention|
Table of Contents
Obama Care: Risky Business
We also would like to extend an invitation for you to join AOA's LinkedIn
group at AGENTS OF AMERICA. Also our affiliated Insurance Open Network, a LinkedIn open networking group for all insurance professionals.
AgentsofAmerica.ORG has partnered with WebCE, a leading nationwide provider of Continuing Education for insurance professionals, to provide you with state-approved self-study CE courses to satisfy your CE requirements online! Check out your CE State Requirements.
Also available is our most recent edition of "AOA Tips, Views, News & More," including our new feature "Insurance Resources." Remember to tell your friends and business associates that membership in AgentsofAmerica.ORG is FREE! Also if you have any thoughts, comments or suggestions, please email me at firstname.lastname@example.org
"Bringing the Best Together"
AOA News, Views, Tips & More
Financial Tip of the Month
By Mike Brady of the Brady Financial Group, LLC.
Prior to starting due diligence in a buy/sell agency transaction make sure you execute a Letter of Intent (LOI). This is the most effective way of allowing both sides (buyer and seller) to share the confidential information necessary when evaluating a transaction. The letter of intent is typically a non-binding document outlining the terms of the proposed deal. This document is put together after initial meetings have led both parties to believe more serious discussions should take place. The LOI usually addresses items such as; purchase price and terms of payment (down payment and earn out), stock or asset transaction, how assets/liabilities of the acquired agency will be handled, future compensation, transaction financing, confidentiality clause, exclusive right to negotiate clause, due diligence provision, reps and warranties and expected timeline for closing. After the LOI has been signed off by both parties you should make plans to begin the due diligence process and determine who will handle this for you.
Contact Mike at email@example.com or Visit Brady Financial Group. (484) 653-6280
Insurance Coverage Tip
By Kristin Toto of Martin & Company
Costly Abuse & Molestation Defense Costs Bring New Coverage Options
Social Service Organizations face increased exposure to Abuse & Molestation claims as they often provide care to at-risk individuals such as children, the elderly and handicapped individuals. It is crucial that these service organizations, and those alike, have insurance coverage; however, the means necessary to successfully defend abuse or molestation claims often require the need to hire experts and specialized legal counsel which can be very costly and may go beyond the basic coverage limits.
Great American Insurance Group responded to this need in the marketplace and recently launched a new Abuse or Molestation Coverage Option that broadens the definition of "Abuse" to include any actual, threatened or alleged act that encompasses both sexual and non-sexual behavior. This new coverage provides claim and legal defense expense outside the limits of insurance. Abuse or Molestation Limits of Liability are available up to $1,000,000/$3,000,000 and are independent of the Professional Liability and General Liability Coverage Parts.
To view more "hot trends" in the Property & Casualty Insurance Marketplace, visit:
Martin & Company's Market Trends & Updates
What additional services would you like to see from your E&O carrier?
Analysis and comparison of E&O between peer firms
Loss control, training & risk management
Nothing, just give me a low price.
|Obama Care: Risky Business|
By Kim Piersol, FCAS, MAAA of Huggins Actuarial Services, Inc.
Systemic Risk is defined as "risk to an entire system or sector" which spills over into, and has a significant effect on the general economy. The underwriting cycle in property and casualty insurance is an example of systemic risk. The insurance industry is not a generator of systemic risk. Insurers, particularly writers of Medical Professional Liability insurance ("MPL"), are vulnerable as recipients of systemic risk.
|Ninth Circuit Upholds Denial of Coverage Under E&O Policy As Insured|
Had Notice of the Claim Well Before the Policy's 30 Day Provision
By Michaela L. Sozio, Esq. of Tressler LLP
The court held that the insured realty company was not entitled to coverage for claims that were reported to its E&O carrier during the policy period, but were noticed to the insured earlier than - and thus outside of - the policy's 30-day notice requirement. In Re/Max Mega Group v. Maxum Indemnity Co., Case No. 11-55142 (9th Cir. March 12, 2012).
|Don't Bother Trying to Fix It, We'll Just File Suit!
By Patrick Reilly, Esq. of Marshall, Dennehey, Warner, Coleman & Goggin
* In Pennsylvania, all claims alleging breach of warranty with respect to movable "goods" are covered by Article 2 of the Uniform Commercial Code.
* Claims for violation of the Magnuson-Moss Warranty Improvement Act and the Pennsylvania Unfair Trade Practices and Consumer Protection Law must typically still comply with the requirements of the Uniform Commercial Code prior to filing.
New York Court Clarifies Liability Threshold for Mold Infestation
By Michael Zigelman, Esq. and Kirsten Ennis, Esq.of Kaufman Dolowich Voluck & Gonzo LLP
Although New York City real estate landlords and co-op and condo board members typically do not inhabit the properties they own and manage, a recent First Department decision gives them reason to fear the impact of mold infestation. After a 2009 New York Supreme Court decision holding that there is a lack of scientific evidence to support a finding that mold exposure can cause injury, landlords and board members were able to breathe easy. Now, however, the First Department has reversed this holding, thereby affirming the potential for liability as a result of mold infestation in New York City apartments. Cornell v. 360 W. 51st St. Realty, LLC, Nos. 113104/04, 4810, 2012 N.Y. App. Div. LEXIS 1614 (N.Y. App. Div. 1st Dep't Mar. 6, 2012).
|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.|