Timing being everything, as it usually is, our last two posts dealt with issues arising from an insured’s commitments under contract and the insurance that endeavors to support those commitments. Those topics cannot be discussed without also touching on an insurance agent’s duty to provide the coverages that purport to fulfill those requirements. Gazing into my […]
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 […]
Some insureds like to handle their own claims — until they blow up. If the carrier is aware of this self-management and agrees to it, no problem. If not, the insured is risking an uncovered loss.
Industry pundits suggest a gradual, prolonged hard market is on the way. Is underwriting sanity returning? Will the abysmally soft pricing of today yield to more reasonable market conduct?