When a hurricane strikes, insurance agencies are often on the frontlines, helping clients navigate through the aftermath of destruction. However, the pressure to process claims quickly and the complexity of insurance policies can sometimes lead to errors or omissions that negatively impact both the agency and the insured. Let’s explore the common mistakes agencies might make during such high-stress situations, and how they can avoid them.
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Be Careful of New Artificial Intelligence Exclusion!
One of our competitors to our Non-Standard Lawyers Professional Liability Program is now attaching a manuscript endorsement that excludes any claim that is based upon any actual or alleged use of generative artificial intelligence (“AI”) by the law firm.
It is especially interesting that such exclusion uses “or alleged” language, which presumably means that the carrier will not even be obligated to provide a defense if a claim allegedly was based upon the insured’s use of AI.
Read MoreWhy Real Estate Appraisers Should Have Errors & Omissions Insurance
in Real Estate
In the dynamic world of real estate, the role of appraisers stands out as crucial. These professionals provide an unbiased assessment of property values, aiding in fair transactions and ensuring market stability. However, alongside their expertise comes a responsibility that extends beyond valuation accuracy: mitigating risks and protecting stakeholders. One vital aspect of this risk management is Errors and Omissions (E&O) insurance, which plays a pivotal role in safeguarding both appraisers and their clients.
Read MoreWhy Insurance Agents and Brokers Need Errors & Omissions Insurance
In the complex world of insurance, professionals like agents and brokers serve as the crucial bridge between individuals or businesses and the insurance policies that safeguard their assets and mitigate risks. However, despite their expertise and diligence, mistakes can happen. Whether it's a miscommunication, a misunderstanding of policy terms, or a simple oversight, these errors can have significant consequences for clients. This is where Errors & Omissions (E&O) insurance steps in as a crucial safeguard for both the insurance professionals and their clients.
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