The errors and omissions liability coverage sector is starting to feel the pinch in the real estate industry as a result of the financial crisis. Trends and developments impact the purchasers of the different kinds of specialty insurance products, such as errors and omissions, D&O, cyber risk, employment practices liability, surplus, marine, and transportation lines. Firms for diversified financial services and banking that have advised their customers to make investments into high risk subprime mortgages or credit default swaps are now experiencing significant claims, and – according to Phil Norton…
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Experts announce 4 important actions for agents to prevent E&O claims
Experts in the insurance industry have released a list of 4 important actions for agents to take in order to help them avoid errors and omissions (E&O) claims. E&O claims are one of the banes of the existence of insurers. They are time consuming and costly. Most commonly, they result from times when an insurance agent becomes drawn into a dispute going on between the insured and the policy holder. Should a lawsuit ensue, the agents are often named among those who are at fault. For this reason, experts in…
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