BEGIN:VCALENDAR VERSION:2.0 PRODID:-//ChamberMaster//Event Calendar 2.0//EN METHOD:PUBLISH X-PUBLISHED-TTL:P1H REFRESH-INTERVAL:P1H CALSCALE:GREGORIAN BEGIN:VTIMEZONE TZID:America/New_York BEGIN:DAYLIGHT RRULE:FREQ=YEARLY;BYMONTH=3;BYDAY=2SU DTSTART:20070101T000000 TZOFFSETFROM:-0500 TZOFFSETTO:-0400 TZNAME:Eastern Daylight Time END:DAYLIGHT BEGIN:STANDARD RRULE:FREQ=YEARLY;BYMONTH=11;BYDAY=1SU DTSTART:20070101T000000 TZOFFSETFROM:-0400 TZOFFSETTO:-0500 TZNAME:Eastern Standard Time END:STANDARD END:VTIMEZONE BEGIN:VEVENT DTSTART;TZID=America/New_York:20260819T150000 DTEND;TZID=America/New_York:20260819T165700 X-MICROSOFT-CDO-ALLDAYEVENT:FALSE SUMMARY:The Ultimate Account Manager -Errors and Omission DESCRIPTION:Three or four decades ago\, about 1 in 25 agencies could expect to have an E&O claim\, and up until that time there were few\, if any\, claims paid in excess of $300\,000. A typical deductible for agency E&O coverage was $2\,500 to $5\,000. Today\, one in five agencies can expect to be involved in some kind of E&O situation. Many agencies are forced to carry deductibles of $50\,000 or more on their professional liability policies and too many E&O claims will usually result in non-renewal of the agency's E&O and possible placement in a non-standard (and very expensive) market.\n\nWhen disasters strike\, as they now so often do\, there is a "second catastrophe" that follows in the wake of hurricanes\, tornadoes\, wildfires and earthquakes. These are the E&O claims brought by clients who were either uninsured or inadequately insured for their loss. With widespread losses\, mistakes agents may have made are uncovered that might not otherwise be brought to light.\n\nAnother emerging trend is E&O actions against agencies that are brought by insurance companies. If an agent makes a mistake that causes a loss to an insurer that would not have taken place had the agent not made the error\, the company will pay the claim to the policyholder and then sue the agency for reimbursement of the loss. An example would be information that was obtained from the insured that was not passed along to the insurance company. If that information was material and it would have caused the company to decline the account\, they may pay a covered loss to the policyholder\, then obtain reimbursement from the agency or its E&O carrier\nClick here to register X-ALT-DESC;FMTTYPE=text/html:

Three or four decades ago\, about 1 in 25 agencies could expect to have an E&\;O claim\, and up until that time there were few\, if any\, claims paid in excess of $300\,000. A typical deductible for agency E&\;O coverage was $2\,500 to $5\,000. Today\, one in five agencies can expect to be involved in some kind of E&\;O situation. Many agencies are forced to carry deductibles of $50\,000 or more on their professional liability policies and too many E&\;O claims will usually result in non-renewal of the agency&rsquo\;s E&\;O and possible placement in a non-standard (and very expensive) market.

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When disasters strike\, as they now so often do\, there is a &ldquo\;second catastrophe&rdquo\; that follows in the wake of hurricanes\, tornadoes\, wildfires and earthquakes. These are the E&\;O claims brought by clients who were either uninsured or inadequately insured for their loss. With widespread losses\, mistakes agents may have made are uncovered that might not otherwise be brought to light.

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Another emerging trend is E&\;O actions against agencies that are brought by insurance companies. If an agent makes a mistake that causes a loss to an insurer that would not have taken place had the agent not made the error\, the company will pay the claim to the policyholder and then sue the agency for reimbursement of the loss. An example would be information that was obtained from \;the insured that was not passed along to the insurance company. If that information was material and it would have caused the company to decline the account\, they may pay a covered loss to the policyholder\, then obtain reimbursement from the agency or its E&\;O carrier

\nClick here to register LOCATION: UID:e.1084.1288680 SEQUENCE:3 DTSTAMP:20260816T014215Z URL:https://members.bigiky.org/abenwebinars/Details/the-ultimate-account-manager-errors-and-omission-1508826?sourceTypeId=Hub END:VEVENT END:VCALENDAR