RISK MANAGEMENT
made, it can become very complicated.
Key points to remember
1. Consult your attorney and have a formal written
agreement outlining all of the parties’ duties and
responsibilities.
2. Contact your E&O provider as soon as you can to
ensure that coverage can be provided as you intend
and that there are no gaps in coverage.
3. Giving timely notice to your E&O provider is of utmost
importance as many carriers may be unable to comply
with your intent after the transaction has already been
completed.
You spent your professional insurance career building
a business that has provided you with a livelihood and
personal fulfillment. If you are growing or selling your
agency, you want the peace of mind of knowing that you
have adequately protected yourself.
*Ronald S. Kettner, CPCU is a Vice President and Senior Underwriter of
Swiss Re/ Westport underwriting insurance agents errors and omissions
coverage. He has over 30 years of experience in the insurance industry,
underwriting personal and commercial lines insurance, and professional
liability insurance during his career.
Richard F. Lund, J.D., is a Vice President and Senior Underwriter of
Swiss Re/Westport, underwriting insurance agents errors and omissions
coverage. He has also been an insurance agents E&O claims counsel
and has written and presented numerous E&O risk management/ loss
control seminars, mock trials, and articles nationwide since 1992.
This article is intended to be used for general informational purposes only and
is not to be relied upon or used for any particular purpose. Swiss Re shall not be
held responsible in any way for, and expressly disclaims any liability
arising out of or in any way connected to, reliance on or use of any of the
information contained or referenced in this article. The information contained
or referenced in this article is not intended to constitute it should not be
considered legal, accounting, or professional advice, nor shall it serve as a
substitute for the recipient obtaining such advice. The views expressed in this
article do not necessarily represent the views of the Swiss Re Group (“Swiss
Re”) and/or its subsidiaries and/or management and/or shareholders.
MJ Kelly Has
Practical Solutions
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Specializing in:
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