E&O Weekly Prevention
  
Strategies for the Professional Agent
June 12, 2014
Agents of America





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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 "Do all of the employees in the agency know what is expected of them?"

  

MONDAY MORNING, the weekly "mini-webinar" features industry leaders interviewed by marketing guru George Nordhaus on "Using Electronic Signatures", this week George interviews, Steve Anderson of The Anderson Network an authority on Insurance technology, productivity and profitability in an exclusive presentation. To see this week's presentation click here.

     

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".

 

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

 

"Bringing the Best Together"

Angelo J Gioia

Publisher

AOA News, Views, Tips & More

SEC Polices Cybersecurity on Wall Street 

By Anjali C. Das, Esq. of Wilson Elser Moskowitz Edelman & Dicker LLP

  

As U.S. Securities and Exchange Commission (SEC) Chairwoman Mary Jo White recently emphasized at a Cybersecurity Roundtable sponsored by the Commission, the rise of cybersecurity threats poses an increasing risk to companies, individuals and the integrity of the U.S. capital markets. Therefore, the SEC is stepping up its efforts to police Wall Street's cybersecurity preparedness by conducting an in-depth examination of more than 50 registered broker-dealers and investment advisers. The SEC plans to use information gleaned from the examination of the securities industry to identify potential vulnerabilities, the industry's current efforts to address cyber risk, and areas for potential cooperation between the SEC and Wall Street to mitigate the threat of cyber risk to protect investors and the market.
 

Can We Make Our Professional Liability Insurer Bear the Consequences of Our Broken Contract Promises?

By Christopher Graham. Esq. and Joseph Kelly. Esq. of Jones, Lemon, Graham LLP

 

The story: Today's story comes from potato land. So to whet your appetite, our photo is an Idaho baking potato, rather than another boring state map. So let the story begin:

You're an insurance underwriter. And you issue an extended professional liability policy to a bank. It's a package policy including executive liability, company reimbursement, professional, lender, and securities liability, EPL, fiduciary, trust department, and other insuring agreements.

 

Employers Monitoring of Employees & the Right to Privacy

By Marc Zimet, Esq, of Jampol Zimet LLP

 

Employers wishing to monitor their employees must ensure strict compliance with privacy laws. An employer who is not careful can violate an employee's privacy rights under the California Constitution and state statutes and find themselves the subject of a lawsuit for invasion of privacy.

 

When Non-Compete Agreement is Added to an Existing Employment Relationship, the Employee Must Receive a Corresponding Benefit or a Change in Status

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

 

In Socko v. Mid-Atlantic, 2014 Pa. Super. LEXIS 702 (May 13, 2014), Mid-Atlantic, which is in the business of basement waterproofing services, originally hired Socko as a salesman in March 2007, at which time he signed an employment contract containing a two-year covenant not to compete. Socko resigned in February 2009, but was rehired in June 2009, at which time he signed a new employment agreement containing another two-year covenant not to compete. While still employed by Mid-Atlantic as an at-will employee, on December 28, 2010, Socko signed a third employment contract (hereinafter, "the Non-Competition Agreement") containing a covenant not to compete with Mid-Atlantic for two years after the termination of his employment in several states in which Mid-Atlantic does business. The Non-Competition Agreement expressly provides for the application of Pennsylvania law.

 

By Seth L. Laver, Esq. and Jonathan S. Ziss , Esq. of Goldberg Segalla, LLP

 

Many classes of professionals utilize engagement letters with limitation of liability language.  For example, accountants, real estate agents and home inspectors often include in their engagements a hold harmless or other clause with the goal of limiting potential damages.  Such a clause will establish the extent of exposure, if any, that the professional can be held liable for should problems arise with the engagement.  The question of whether the clause is enforceable is state specific and somewhat unpredictable.

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