Our October E&O prevention tip for insurance agents focuses on the importance of asking questions to determine if additional or unique coverage is required.
Claim Example: A customer was involved in an automobile accident on the way to his band’s concert. After the accident, the customer was surprised to learn that his automobile policy did not provide coverage for the rented audio equipment that he was transporting to the concert venue at the time of the accident. The customer brought a claim against his agent alleging that he was never made aware that his policy did not provide coverage for damage to rented property.
E&O Prevention Tip: Be sure the customer understands policy exclusions. Ask the customer questions that can help you determine what exposures the customer may need coverage for. A customer’s job, hobbies, or recreational activities could provide clues as to whether additional or unique coverage is needed.
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