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No matter how carefully and professionally you conduct your business, suits against an insurance agency can come from unexpected sources. An E&O claim brings with it the potential of heavy costs for an agency, both in terms of money and valuable agency time lost. Also, settlements or awards at trial are generally severe.
What if…
One of your carriers denies a claim and the client files suit against that carrier and names your agency as a defendant? Insurance companies, anticipating the possibility of independent elements of negligence on the part of the agency, do not always offer a defense to the agency even though it was the carrier's declination of coverage that triggered the suit.
One of your clients is seriously injured by an uninsured motorist after reducing their limits under the UM coverage? A common cause of serious agency E&O claims is when the agency cannot locate the signed waiver of UM coverage for the involved auto policy.
Yassa Agency's strong E&O policy provides liability limits starting at $1,000,000 per claim and $1,000,000 in aggregate. The policy also includes unlimited cost of defense coverage. Claims are handled by one of our claims experts who specializes in Insurance Agents' E&O. The same specialists are available to Yassa Agency's E&O policyholders for free consultation regarding situations in the agency that, if unattended, may give rise to an E&O claim.
This program is available through a select group of specialized E&O agents. Find out more
One of your clients is seriously injured by an uninsured motorist after reducing their limits under the UM coverage? A common cause of serious agency E&O claims is when the agency cannot locate the signed waiver of UM coverage for the involved auto policy.
Yassa Agency's strong E&O policy provides liability limits starting at $1,000,000 per claim and $1,000,000 in aggregate. The policy also includes unlimited cost of defense coverage. Claims are handled by one of our claims experts who specializes in Insurance Agents' E&O. The same specialists are available to Yassa Agency's E&O policyholders for free consultation regarding situations in the agency that, if unattended, may give rise to an E&O claim.
This program is available through a select group of specialized E&O agents. Find out more
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