The longer I’m in insurance (and it’s been over 27 years now!) the more I realize there is to learn. For information gluttons, the industry provides an endless supply of fodder, and you can challenge yourself intellectually as much as you would like. No limit. There are also people (probably the majority) who are not […]
Increasing claim frequency could easily be a result of the economy’s drag on insureds and their clients. Desperate times call for desperate measures, and an insurance policy can look like easy pickin’s.
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 are often befuddled when a professional liability carrier refuses to provide an additional insured endorsement or excess limits appear to be too expensive.
D&O policies are not intended to cover professional services, even though the entity and the employees are insured for their wrongful acts.