Smart Choice and CalSurance Associates welcome you to the Smart Choice E&O Prevention Newsletter, your resource for loss prevention education. Each quarter, you will receive timely and relevant E&O loss prevention tips you can start using immediately to keep yourself protected while conducting business.
Claim Scenario:
A couple who has just purchased a new home contacted their longtime insurance agent to obtain homeowners coverage for the residence. The house was subsequently damaged by a gas explosion and fire. The couple’s homeowners policy limits were not high enough to adequately cover the loss of valuable antique family heirlooms they kept in the home. As a result, the couple brought a claim against the agent for not providing adequate coverage.
E&O Prevention Tip:
When a client is interested in homeowners insurance, be sure to ask questions to clarify what the client would like covered. Consider whether or not the policy provides adequate coverage or if additional limits, “floater” policies or umbrella coverage may be required.
Hard to Place Risks
Not every risk is worth taking. But this issue of the Smart Choice Magazine encourages you to become a more well-rounded agency by challenging yourself to break out of your comfort zone and educate yourself so you’re comfortable writing excess & surplus and specialty lines of business. Check out the 2017 Issue 1 of Smart Choice Magazine for all of the tips you need to know about hard to place risks.