Some contractual requirements are nearly impossible to fulfill, and others are in conflict with each other. What’s an agent to do?
Agents are frequently provided insureds’ contract requirements in order to determine insurance needed. But contract requirements can go well beyond limits and Additional Insured status. Does an agent owe a duty to their insured to provide the coverage required by the contract? Or even more frightening — does the agent owe a duty to the insured’s client?
Agents frequently insure entities on whose boards they serve. There are inherent conflicts and dangers in this business-building approach. Exercise Caution!
Many agents serve on boards of directors, frequently non-profit, sometimes for-profit, and end up writing the entity’s insurance. From a D&O perspective, this creates an inherent conflict of interest, and from an Agents E&O perspective, often creates an uncovered cause of loss, should a claim arise. I think most agents who write insurance under these […]
Inability to trigger an extended reporting period can rob a retired professional of peace of mind.