This course is designed to guide experienced professionals through the process of reading policy language, applying a basic coverage analysis to look for possible gaps in coverage, and understanding advanced coverage issues. It will explain what to look for in terms of wording, punctuation, and formatting, including negative and positive implications of specific wording. In addition, the course will address E&O loss control issues and help the agency look at ways to obtain and retain business.
Upon completion of this course, the student should be able to
- Understand important contract features in general, as well as those specific to insurance policies, and how they may or may not affect coverage.
- Know the general sections of a policy, its purpose, how it can be modified, and the importance of each.
- Understand how the sections of a policy interacts and explain how they work together to determine coverage.
- Explain the importance of each area of special interest and how they can affect coverage.
- Understand and explain how a program of insurance should be coordinated and why it is important.
- Understand how all the above impact errors and omissions (E&O) loss control, new sales, and retention of existing business.
E&O Roadmap to Policy Analysis is the new seminar that policyholders can attend to receive a 10% loss control credit on the E&O policy. Designed in a modular format, the seminar looks at E&O risk management from the agency perspective. It addresses the fundamentals of reducing the E&O exposures of today's ever- changing agency operations, including: understanding duties owed to both carriers and customers, reviewing the most frequent E&O claims using real-life examples, agency defenses such as documentation, disclaimers and consistent procedures, exploring exposures within the agency's daily operations, isues with certificates of insurance, considerations of social media, limiting exposures to data breaches, and much, much more.