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E&O Risk Management and the Coronavirus (COVID 19)

By Swiss RE Corporate Solutions


TIPS TO REDUCE E&O EXPOSURETIPS TO REDUCE E&O EXPOSUREAdvice regarding how to reduce the likelihood of an errors and omissions exposure as a result of this event. Our advice is no different from any other time. If your agency has developed good practices, you will be better positioned to avoid problems.
DOs AND DON'Ts FOR WHEN AN E&O CLAIM ARRIVESDOs AND DON'Ts FOR WHEN AN E&O CLAIM ARRIVESCOVID-19 has changed the agency E&O landscape for the next several months at least. Proper actions and reactions to an E&O suit arising out of this pandemic are of utmost importance. Remember these “dos” and “don’ts” if you find yourself in an E&O situation.
CARRIER DIRECTIVES TO DENY CLAIMSCARRIER DIRECTIVES TO DENY CLAIMSWe heard that insurance carriers are directing their agencies to deny certain claims related to the coronavirus. Big I's risk management department strongly advises that agencies NOT make a coverage determination on behalf of any insurance carrier or deny any claims. Here's why...
HELP EASE CARRIER WORKLOADHELP EASE CARRIER WORKLOADWe were forwarded an email a Big I member agency received from an insurance carrier asking for agents' help with all the claims coming in as a result of coronavirus. We sympathize, but cannot withdraw the original recommendation. However, here are our suggestions with the carrier workload in mind.
A NEW E&O LANDSCAPEA NEW E&O LANDSCAPENow that COVID has occurred, agents must now address with prospects and clients the possibility of losses resulting from governmental actions such as the ones experienced in 2020. Our current uptick in E&O claims can be defended since nothing like this has ever happened before, but now that businesses have been bit, now agents MUST address the exposure.
COVID-19 INFO ON BIG I RISK MANAGEMENT WEBSITECOVID-19 INFO ON BIG I RISK MANAGEMENT WEBSITEEvery agent, every carrier and every insured is in unchartered territory as it relates to COVID-19. Find the latest Big I resources regarding E&O risk management in the pandemic on the COVID-19 tab of the EO Happens website.




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