The above photograph depicts the panel I was on at the Florida Association of Insurance Agents Convention last week. It was a wonderful presentation moderated by a fantastic insurance educator, David Thompson. The workshops, myriad insurance vendors, and networking opportunities opened my eyes about a truly important association which dedicates itself to promoting professionalism by those participating in the important business of selling insurance to policyholders.
Continue Reading Insurance Agents and Determining Coverage Limits for Buildings

This past week during a town hall meeting we had in Long Island, New York, one of the attendees posed a question about whether New York State has any requirements for insurance agents and brokers to carry errors and omissions coverage. Each state has its own unique laws and requirements as it relates to many things, and this appears to be one area of diversity. I have located no requirement in New York’s laws for insurance agents and brokers to carry errors and omissions coverage. That is not to say that these insurance professionals do not carry such coverage, either individually, or collectively as members of companies and firms. The law often sets a minimum standard, and precautions can be taken that provide more protection than the minimum standard.

Continue Reading Some States Require Insurance Producers To Carry Errors & Omissions Insurance Coverage

My post on Tuesday, Establishing Duty is the Key to Agent Negligence Case, was inspired by an insurance agent negligence case I am involved in out of Ft. Smith, Arkansas. I have the pleasure of representing a hotel management company and owners of a hotel resort with a claim against their former insurance agent. The insurance agent is from Iowa. While researching for a follow-up to that post, I came across articles written by an attorney who represents insurance agents and brokers in errors and omission cases. Surprisingly, our thoughts are similar.

Continue Reading Insurance Agent Duties Depend on Special Relationships

Coinsurance penalties are the last thing policyholders worry about following a loss. My experience has been that many field adjusters fortunately do not go through the costly calculations to accurately determine if a structure is underinsured. Thus, the penalties from being underinsured do not arise as often as they could.

Continue Reading Insurance Agents and Brokers Should Be Concerned Writing Risks with 100 Percent Coinsurance to Avoid Error and Omission Claims