E & O Claim

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PostPosted: Sat Nov 22, 2008 3:07 am   Post subject: E & O Claim  

Hello,

Can anyone tell me how a E&O claim works? We have a agent in the office that did not close a policy correctly and she is going to have a E&O claim filed against her.

Does this affect the rest of the office and the company? We are concerned that it could affect our appointments.

lisar1208
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PostPosted: Sat Nov 22, 2008 4:40 am   Post subject:   

Does she work as an independent agent or does she work for a company? If she has E&O coverage herself, she needs to report this to her carrier. If the company has it, they need to report it to theirs.

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PostPosted: Sat Nov 22, 2008 9:59 am   Post subject:   

Lisar I think that if the premium for the E&O policy has been shared between the licensee and the agency or is being paid by the agency on behalf of the licensee, then it may affect the agency as well, since the claim will be filed against the agency/company.



It may not affect the others appointments if its not publicized by the local newspaper and the TV channels.

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PostPosted: Sat Nov 22, 2008 11:22 am   Post subject:   

Your appointments likely will not be affected, but your rates could if it's an agency policy



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PostPosted: Sat Nov 22, 2008 3:28 pm   Post subject:   

The principal agent carries the E&O and its in our contracts that we would have to pay the deductible. She does not carry her own.

We have never had a claim before that is part of the reason why we are worried as the other agents in the office.

lisar1208
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PostPosted: Mon Nov 24, 2008 6:45 am   Post subject:   

If you're worried about the reputation of the agency then IMO its not likely to tarnish its image overnight. The clients will surely remember the good work that you guys have been doing over the period time.



However, like Lori has mentioned it may affect your rates since the policy is tied with the agency.

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