E&O Weekly Prevention
Strategies for the Professional Agent
June 26, 2014
Agents of America

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"Protecting Your Reputationit takes years to build but only one mistake to destroy. 



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 "Are you providing the coverage the customer asked for?"


MONDAY MORNING, the weekly "mini-webinar" features industry leaders interviewed by marketing guru George Nordhaus on "Prospecting by Objective", this week George interviews Deborah Miller-Pfahler to discuss how to get the best results out of the time and money you spend marketing your agency. 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


AOA News, Views, Tips & More

Exposures Faced By Directors, Officers, Trustees and Others in Privately-Held and Not-For-Profit Organizations: Risk and Insurance Solutions

By Joseph P. Monteleone, Esq. of Rivkin Radler LLP


This is the second in a series of three articles.


In the First Article we explored the exposures faced by directors and officers of privately held companies.  In this article, we will turn our attention to the not-for-profit arena.  Lastly, we will examine the insurance solutions to these exposures, particularly through D&O insurance.

The IRS will not flag, identify or otherwise note a SSN that may be subject to identity theft and subsequent tax fraud. Go figure.

By Melissa Ventrone, Esq. of Wilson Elser Moskowitz Edelman & Dicker LLP 


Nearly every day there's another news story about another company suffering a data breach, either as a result of a lost or stolen device or because the company was hacked. Talk to any number of knowledgeable attorneys skilled in handling breaches, and each will guide you through a similar process for providing notice, obtaining credit monitoring or identity restoration, and complying with regulatory and other legal obligations. Yet no matter the recommendations, the antiquated processes in place at the IRS make it practically impossible for companies to protect someone from a fraudulently filed tax return.


Insurer's Conduct When No Bad Faith Is Pleaded

By Robert E. Smith, Esq. of Marshall Dennehey Warner Coleman & Goggin.


In what has commonly become known as the Koken decision, the Pennsylvania Supreme Court held that the Pennsylvania Insurance Department "does not possess the authority to require mandatory binding arbitration for UM and UIM disputes." Prior to Koken, captioned as Insurance Federation of PA v. Department of Insurance, 585 Pa. 630, 889 A2d. 550 (2005), uninsured and underinsured claims were usually arbitrated before three person panels with very limited appellate rights. Now, most of these claims are being litigated and many procedural and evidentiary issues are working their way through the courts. 


New York's Highest Court Knocks Out Four Late-Disclaimer Rulings With One Decision

By Michael L. Zigelman, Esq. and Eric B. Stern, Esq. of KDV LLP   


On June 10, 2014, New York's Highest Court reinforced New York's long-standing rule that the timely disclaimer requirements of Insurance Law 3420(d) were only applicable in cases involving bodily injury and death.  Remarkably, in issuing its decision, the Court of Appeals both reversed the lower court decision and abrogated three other contrary lower court decisions.  In KeySpan Gas East Corp. v. Munich Reinsurance America, Inc., 2014 N.Y. Slip Op. 04113 (2104) the Court of Appeals reversed a First Department decision which had erroneously imposed on insurers a duty to disclaim coverage for property damage claims "as soon as possible" or risk waiver of the insurers' coverage defenses.   


Does Bitcoin Make Cents? Evaluating New Payment Options For Your Firm                               
By Seth L. Laver, Esq., Jessica L. Wuebker, Esq. and Colleen M. Murphy, Esq. of Goldberg Segalla LLP


Recently, a New York law firm made news when it announced that it would begin accepting Bitcoin as payment. The firm will partner with a Bitcoin payment processing company who will host the firm's payment system and assist the firm in converting digital currency payments into fiat currency. Other professionals are taking notice, and are permitting clients to pay for legal services using Bitcoin. Should you?

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