More and more we hear about “specialization” and how important it is for growth in this ever-complex business of insurance. Equally true are lawyers telling us to be order takers and give no advice, so we can win E&O cases. In return, we get 3-4 years of litigation where there is a HIGH probability one’s E&O insurer will settle. So, what is better, winning a lawsuit or not having one at all? More importantly, what policy language, or the lack of it, will get you in trouble?
Those independent Agencies that WILL advise their clients and do help their clients obtain the financial security they deserve will outsell any big agency where the model is to “require the agency to adopt a uniform business model,”, i.e., sell, sell, sell as if insurance is a tangible product like toothpaste. It's not, it is intangible, and one will not know if it's worth anything until a claim is submitted. That’s not a time when one would want to receive a “surprise”. Even homeowners' insurance has become complicated when you consider carriers adding endorsements that only provide ACV for roofing materials, replacement cost which isn't exactly going to replace the dwelling, and ordinance and law coverage.
When agents and brokers sell based on how an insurance company responds with fair coverage language, you cannot be beaten. Over the last five years, over 280 appellate decisions have come down either expanding coverage or, more frequently, narrowing the scope of coverage dramatically. As is often said, the devil is in the details, which is exactly what this class will examine. This course will examine specific appellate decisions with respect to language in specialty line policies that can create error and omission claims for insurance brokers. These claims will be made against brokers either because you didn't get broader coverage or sold policies with language that was so narrow that many claims are being denied that probably should be covered based on an insured's reasonable expectations of coverage. You don't want to miss this one if you're selling Specialty line policies, which will assist you in providing better service to your clients and hopefully generate more new business as a result. This will give you an advantage over those who only sell, sell, sell.
