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May 2013

Why Every Agency or Brokerage Should Attend the IIABNY Annual E&O Seminars

May 2013

Volume 25, Number 5

Why Every Agency or Brokerage Should

Attend the IIABNY Annual E&O Seminars

During the course of my 25-year legal career defending insurance agents and brokers, I have handled and/or supervised more than 6,000 cases involving errors and omissions. Based upon my experience as an attorney, I have one very important observation to note — agencies and brokerages that religiously attend the IIABNY annual E&O loss control seminars and take seriously the concept of implementing and consistently following good loss control practices are much less likely to become involved in E&O claims or lawsuits. And, they will be in a better position to defend themselves based upon those practices they follow.

The fundamental premise behind E&O loss control is that by doing or not doing certain things, agencies and brokerages can reduce or eliminate those practices and procedures most likely to cause potential E&O exposure. Agencies and brokerages that attend IIABNY’s annual E&O seminars learn where the most common types of claims and lawsuits originate and ways to help prevent them from occurring. Data shared with us from various E&O carriers support our observations and show agencies and brokerages that regularly attend the seminars clearly experience fewer claims than those that do not.

In one very specific respect, IIABNY’s annual E&O loss control seminars are different from those provided to members of any other state association. Each year, we create and present a fresh seminar that specifically focuses on new and developing trends affecting New York agents and brokers. For example, a video will be shown during this year's seminars that discusses the recent Court of Appeals decision every New York insurance agent and broker should be aware. In this clip from the video, my partner, attorney Steve Cunningham offers a few details from the case. Based upon the focus of each year’s seminar, we can point with pride to aggressive, proactive recommendations that have significantly curbed potential E&O exposure for agencies and brokerages.

Over the years, we have observed agencies and brokerages that regularly practice good E&O loss control techniques are keenly aware of the added benefits of doing so. Not only does consistent adherence to these practices help protect an agency or brokerage from potential E&O claims and lawsuits, the level of customer service provided increases and more insurance is often sold.

IIABNY’s annual E&O loss control seminars are fast approaching. The live seminars, which you can earn four continuing education credits, will be presented at five locations across New York state during the month of May. The telecast seminar, which will be simulcast on June 12 at 14 locations across the state, also offers the opportunity to earn four CE credits. We encourage every agency and brokerage to attend one of the seminars and familiarize themselves with the current trends and practices of E&O loss control. Last year, approximately 1,500 New York Insurance agents and brokers attended the seminars. You can register online for one of the 2013 seminars by visiting the Education section of the IIABNY website or calling the IIABNY Education Department at (800) 851-5853 ext. 3.

We look forward to presenting the 2013 annual E&O loss control seminars and hope you will be able to attend.

Submitted by:
James C. Keidel, Esq

Keidel, Weldon & Cunningham, LLP

Keidel, Weldon & Cunningham, LLP concentrates its practice in the defense of insurance agents and broker’s errors and omissions claims and litigation, errors and omissions loss control counsel and education, insurance coverage analysis and litigation and insurance regulatory matters. Please direct any comments or questions to James C. Keidel, Esq. by mail to the main office of Keidel, Weldon & Cunningham, LLP, at 925 Westchester Avenue, Suite 400, White Plains, NY 10604, telephone at (914) 948-7000 or e-mail atjkeidel@kwcllp.com. The law firm also maintains offices in Syracuse, New York; New York City, New York; Wilton, Connecticut; Bayonne, New Jersey; Warwick, Rhode Island and Philadelphia, Pennsylvania.