E&O Weekly Prevention
Strategies for the Professional Agent
April 24, 2014

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Letter From  the Publisher

E&O Tip of the Week  

Each week AOA thru the Learning Center will be providing E&O tips. These E&O tips will be developed from AOA's extensive library of high level educational material and will be included as part of the webinar / seminar package currently in development, that both agents and carriers will find beneficial in reducing E&O Claims. 
Check out this week's E&O TIP on "Does your Homeowners Policy cover Social Media?". 


A review of the top stories on World Risk & Insurance News at WRIN.tv. Here is your opportunity to see the online video news stories you may have missed. Watch them now "Week in Review".


MONDAY MORNING, the weekly "mini-webinar" features industry leaders interviewed by marketing guru George Nordhaus on "Caring Claim Handling"this week George interviews, by Emily Huling, President of Selling Strategies, Inc., in an exclusive presentation. To see this week's presentation click here


AgentsofAmerica.ORG membership is FREE!


Also if you have any thoughts, comments or suggestions, please email me at info@agentsofamerica.org. 


"Bringing the Best Together"

Angelo J Gioia


AOA News, Views, Tips & More

By Christopher Nucifora, Esq. and Hsiao (Mark) C. Mao, Esq. of Kaufman Dolowich & Voluck, LLP


The recent panic of the OpenSSL bug, "Heartbleed" (CVE-2014-0160) demonstrates the need for businesses to mitigate their risks with more than just technical solutions. In addition to seeking legal counsel, tools such as Cyber Liability Insurance should also be considered.


Practical Tips on Creating an Effective Unlawful Harassment Policy

By Kevin C. Donovan, Esq. of Wilson Elser Moskowitz Edelman & Dicker LLP

It has been a long time since the 1991 Clarence Thomas Supreme Court confirmation hearings brought the issue of sexual harassment to the forefront of public consciousness. Hundreds of thousands of unlawful harassment claims later, most employers have policies in place announcing their opposition to harassment and providing employees with avenues to complain and seek redress.


Third Circuit Upholds FLSA Claims Against Successor Entity

By Thomas Paschos, Esq, of Thomas Paschos & Associates, P.C.


In Thompson v. Real Estate Mortgage Network, 2014 U.S. App. LEXIS 6150 (3d Cir. April 3, 2014), Patricia Thompson, a New Jersey resident, was hired as a mortgage underwriter by defendant Security Atlantic Mortgage Company ("Security Atlantic"). Shortly thereafter, however, she was assigned to a training class led by a representative for a different mortgage company, defendant Real Estate Mortgage Network ("REMN"). That employee "represented that REMN was a sister company of Security Atlantic." In February 2010, allegedly in response to an investigation being conducted by the U.S. Department of Housing and Urban Development ("HUD") into Security Atlantic's mortgage practices, , Thompson and many of her colleagues were asked by supervisors to fill out new job applications to work for REMN.   


By Bruce H. Schwartz, Esq. and B. Tyler Philippi, Esq. at Jackson Lewis P.C.

Bitcoin and other virtual currencies must be treated as property for U.S. federal tax purposes, the Internal Revenue Service has determined in guidance released on March 25, 2014. IRS Notice 2014-21


The IRS apparently relied on the premise that virtual currencies do not have legal tender status in any jurisdiction. Signaling that its position on the tax treatment of virtual currencies is not set, however, the IRS included in its guidance a request for public comments "regarding other types or aspects of virtual currency transactions that should be addressed in future guidance."


No Coverage Based Upon Consent And No Action Clauses In Policy After Insured Settles For Amount Greater Than Insurer's Consent At Mediation

By Joseph Monteleone, Esq. of Tressler LLP


These two clauses do not often come into issue in coverage litigation, but a Georgia federal court had little trouble in enforcing them to preclude coverage for a $4.9M settlement and a claim for coverage under an excess D&O policy. Piedmont Office Realty Trust, Inc. v. XL Specialty Ins. Co., 2014 U.S. Dist. LEXIS 42575 (N.D. Ga.  March 28, 2014).  [See here for a link to the decision]


6 Secrets to Sell More in Less Time

By Mark Hunter "The Sales Hunter"


Do you know there are 6 things top-performing salespeople do to sell more in less time?


The beautiful thing is anyone can do them. You don't need special skills, but rather the discipline to make it happen.

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