Errors and omissions by an insurance producer can be extremely costly and damaging to the producer’s professional reputation, as well as that of the entire agency. This course is designed to help you prevent many types of errors and omissions involving commercial property insurance. The verb prevent is used here in the risk management sense. Loss prevention seeks to reduce the frequency or likelihood of claims. Complete avoidance is impossible. An agent or broker who has handled everything properly, following every guideline within this course, may still be sued for some alleged error or omission. However, by successfully completing this course you will be less likely to be charged with an error or omission and will probably be better able to defend yourself against these allegations.
The session begins with a discussion of producer errors and omissions by summarizing agency law and how it affects insurance agents’ and brokers’ duties to both insurers and their clients. Specifically we'll focus on your responsibility as the agent and coverage issues you should anticipate.
This course is by no means exhaustive. No course can possibly recognize and discuss every conceivable type of error or omission an insurance agent or broker can make. However, it should at least you aware of many potential pitfalls and how they can be avoided.
Course #220605 | 3 OGI | Instructor: Joe Hudgins