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ITS ALL COVERED RIGHT??? EMERGING E&O EXPOSURES FOR INSURANCE AGENTS.

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Presentation on theme: "ITS ALL COVERED RIGHT??? EMERGING E&O EXPOSURES FOR INSURANCE AGENTS."— Presentation transcript:

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2 ITS ALL COVERED RIGHT??? EMERGING E&O EXPOSURES FOR INSURANCE AGENTS

3 MODERATOR: Lisa Doherty, CEO, President and Co-Founder, Business Risk Partners PANELISTS: Sally Combs, Technical Director, Professional Liability Claims, Firemans Fund Insurance Company Scott Goodreau, Esq., MBA, Chief Legal Officer, HUB International Limited Daniel V. Kohls, Esq., Partner, Hansen, Kohls, Jones, Sommer & Jacob, LLP Sabrena R. Sally, CPCU, Senior Vice President, Corporate Solutions, Swiss Re Corporate Solutions Introductions

4 I.Foundations of Liability II.Trends in Claims / Litigation III.Considerations When Buying E&O Coverage IV.Loss Control / Risk Management V.Claims War Stories VI.Q&A VII.Contact Information Agenda

5 Defining the Relationship – The relationship of the intermediary with the insurer and to the insured will define liability – Dual agency Defining the Liability – Contract – Tort – Fiduciary duty I. Foundations of Liability

6 Typical Causes of Action – Negligent misrepresentation – Fraudulent misrepresentation – Duty to procure insurance – Improper insurance advice – Negligent failure to add additional insured – Placement with an insolvent carrier – Maintenance of coverage – Negligent issuance of policy – Disclosure of compensation

7 Overall – Claims against insurance agents and brokers are up slightly Types of Claims – Inadequate or insufficient coverage / no coverage – Reporting issues Emerging Issues – Retail brokers accessing surplus lines markets – Agents going beyond their area of expertise and procuring coverage's II. Trends in Claims/Litigation

8 Complex Issues – Extended Reporting Periods – Producer claim advocacy in carrier denials or reservations – Producer involvement in situations where the client does not want to settle and has a refusal to consent clause in the policy Compensation Issues Hard vs. Soft Market – Frequency and Severity – Coverage availability – Trends: Staffing cuts; outsourcing; service expansion to generate revenue

9 III. Considerations When Buying E&O Coverage Carrier Considerations – Financial strength – Longevity in the market – Claims handling – Product expertise Policy Terms – Claims made vs. claims made & reported – Professional services definition – Defense coverage – Insolvency exclusion regarding carrier – Exclusions – Claims reporting requirements – ERP provisions – Territory definition Carrier Considerations – Financial strength – Longevity in the market – Claims handling – Product expertise Policy Terms – Claims made vs. claims made & reported – Professional services definition – Defense coverage – Insolvency exclusion regarding carrier – Exclusions – Claims reporting requirements – ERP provisions – Territory definition

10 III. Considerations When Buying E&O Coverage Merger & Acquisition Activity – Automatic coverage? What are Adequate Limits? – Contractual requirements – Sleep well limit – What assets are exposed

11 Loss Control vs. Loss Prevention – Establish a good defense – Aid in loss mitigation An Ounce of Prevention – Balance against the cost of loss – A good quality program can help with sales IV. Loss Control/Risk Mitigation

12 The Basics Are Key – A written and consistently enforced quality program MUST exist – Documentation, documentation, documentation – with a technology twist! – Product, market and environment knowledge – Working with intermediaries Trend Issues – Property valuation and limits – Privacy and data IV. Loss Control/Risk Mitigation

13 V. Claims War Stories

14 Questions & Answers VI. Its All Covered RIGHT???

15 Sally Combs, Technical Director, Professional Liability Claims, Firemans Fund Insurance Company Lisa Doherty, Chief Executive Officer, President & Co-Founder, Business Risk Partners Scott Goodreau, Vice President & Chief Legal Officer, HUB International Limited Daniel V. Kohls, Esq., Partner, Hansen, Kohls, Jones, Sommer & Jacob LLP Sabrena Sally, Senior Vice President, Swiss Re Corporate Solutions VII. Contact Information


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