| June 2013 |
Volume 25, Number 6 |
It is Still Not Too Late to Attend IIABNY's
2013 Annual E&O Loss Control Seminars
The four-hour, live 2013 annual IIABNY errors and omissions loss control seminars were presented by my partner, Chris Weldon, and myself on May 15, May 16, May 21, May 22 and May 23 in Buffalo, Syracuse, Hauppauge, Manhattan and Armonk, respectively. The classroom sessions were attended by approximately 500 New York insurance agents and brokers. If you have not yet attended an E&O loss control seminar this year, there is still time to do so. On June 12, the telecast version of the annual IIABNY E&O loss control seminar series will be presented live in a studio near Albany and transmitted simultaneously by satellite to 13 other locations across New York state. In the past, the telecast seminar had been a shorter version of the live seminars presented in May. However, based upon requests made by numerous IIABNY members, the telecast seminar this year will feature the same format and content presented at the classroom locations in May.
Unlike previous years, the 2013 telecast seminar will provide four hours instead of three hours of continuing education credit to licensed attendees applicable to the following New York licenses: Life (LA), Life Consultants (C1), Life/Accident/Health Broker (LB), Brokers (BR), General Consultant (C3), Property Casualty Agents (PC) and Public Adjuster (PA). In addition to agents and brokers receiving continuing education credit for attending the seminar, those agencies and brokerages whose E&O insurance coverage is provided by Westport or Fireman’s Fund through IAAC, IIABNY’s member services division, can qualify to receive credit on their premiums for attending one of the IIABNY annual E&O loss control seminars.
During this year’s seminars, we covered the following topics:
- a review of New York law affecting property and casualty, life and health insurance agents and brokers (this topic includes a review of various cases, statutes and regulations);
- benefits of an agency or brokerage following good E&O loss control practices;
- loss control practices that every insurance agency or brokerage should have in effect;
- the importance of following good practices when placing an excess surplus line policy;
- various issues that insurance agencies and brokerages should consider in preparation for catastrophic events;
- claims handling and other customer issues to be considered by insurance agencies and brokerages related to catastrophic events;
- best practices for insurance agencies and brokerages to follow in order to protect against E&O claims and lawsuits related to catastrophic events;
- how catastrophic events can impact insureds;
- how technology can help protect against E&O claims and lawsuits;
- duty of care for insurance agents and brokers in New York and various other states; and
- some of the most common defenses used in connection with the defense of E&O claims and lawsuits.
Much is happening within the insurance industry at this time, especially with regard to New York insurance agents and brokers. The following topics addressed during the live seminars were of special interest to attendees and generated many questions and comments. The first topic related to several recent New York court decisions. Specifically, many questions were raised when we discussed the recent New York court case that holds an insurance agent using a cost estimator to value an insured’s property is undertaking a duty that he or she would not ordinarily have under the law and, as such, the agent owes a duty to the customer to properly value the subject property. With regard to this issue, we offered several suggestions concerning how the agent should handle this situation to help reduce the likelihood of a potential E&O claim or lawsuit.
The next topic generating much discussion was how agencies and brokerages should prepare for catastrophic events. We discussed such issues as the preparation of a disaster plan, configuration of computer and telephone systems to allow for remote access, if necessary, and practices and procedures that all staff should follow when a catastrophe is approaching or has already occurred. We also offered numerous E&O loss control tips related to catastrophic events that will not only help protect the agency or brokerage from potential E&O claims and lawsuits, but protect customers and increase customer service as well.
The third topic discussed was the standard of care for New York insurance agents selling insurance in this and other states. We reviewed key cases in New York and several other states that set forth the duty of care and legal obligations for insurance agents and brokers. We also offered loss control tips that can help agents and brokers comply with their legal duty of care and, in turn, protect against E&O claims and lawsuits.
We sincerely hope that if you were unable to attend any of the live seminars presented in May, you can attend the June 12 telecast seminar. We strongly believe that the information we present at the seminars can help every agency and brokerage, no matter its size, protect itself against E&O claims and lawsuits. You can register for the telecast seminar by visiting the IIABNY website or calling (800) 962-7950.
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 at jkeidel@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.
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