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June 2015 -- The E&O Report

June 2015

Volume 27, Number 6

Last Chance to Attend IIABNY’s 2015 Annual E&O Loss Control Seminars

On May 12 and May 13, my partner, Chris Weldon and I presented IIABNY’s annual Errors and Omissions Loss Control seminars in Buffalo and Syracuse, respectively. The agents and brokers attending the seminars gave great reviews about this year’s topics. If you have yet to attend one of the E&O seminars this year, there is still time to do so. The remaining three live seminars are scheduled June 2 on Long Island, June 3 in Manhattan and June 4 in Westchester County. The telecast version of the seminar series will originate live on June 10 from Hudson Valley Community College in Troy and be transmitted to 14 locations across New York state. The telecast seminar will cover the same content as the live seminars.

Whether live or telecast, the seminars provide four hours of continuing education credit for licensed attendees and is applicable to the following NY 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, their agencies and brokerages that have their E&O insurance coverage through IAAC with either Westport or Fireman’s Fund may qualify to receive credit on their premiums for attendance at one of the IIABNY annual E&O loss control seminars.

During this year’s seminars, we cover a wide range of topics that include the following:

a review of New York law affecting property and casualty and Life and Health insurance agents and brokers (this topic includes a review of various cases, statutes and regulations);
duties and obligations that agents and brokers owe to customers;
statistics concerning where and how New York E&O claims and lawsuits arise;
customer lifecycle (this will include such topics as: marketing, proposals and quotes, the application process, binding coverage, policy delivery, policy servicing and handling of claims);
essential elements of documentation (this will include such topics as: written documentation, email, telefax communications, voice mail, electronic signatures, imaging and scanning); and
most common defenses used in connection with the defense of E&O claims and lawsuits.

As you can see, we are featuring a large number of topics during this year’s seminars. The following topics seemed to be of special interest to attendees at the live seminars presented in Buffalo and Syracuse and generated a great deal of questions and comments. Initially, we discussed issues related to several recent New York court cases involving E&O claims against insurance agents and brokers. In addition to reviewing the facts and findings in various cases, we offered suggestions concerning the best way for agents and brokers to provide great service to their customers while at the same time reducing the likelihood of a potential E&O claim or lawsuit.

The next topic, a review of the statistics concerning trends in New York E&O claims and lawsuits, generated much discussion. We reviewed such things as the types of transactions and insurance policies that most often result in E&O claims against New York agents and brokers. We covered the staff person at the agency/brokerage most likely to be involved in an E&O claim and the types of customers most frequently filing claims. We also discuss the kinds of E&O claims and lawsuits and regulatory matters that New York agents and brokers most often face. And, we offered various E&O loss control tips and practices that will not only help protect the agency or brokerage and safeguard customers, but increase the level of customer service.

The third topic generating plenty of attention concerned the various types of communication an agency or brokerage can use and how it can sufficiently document those communications. We reviewed the essentials of documentation, in writing or whatever form it may take. We also offered various E&O loss control tips and practices that will help agents and brokers protect both the agency/brokerage and their customers, as well as ensure they have the information necessary to defend themselves if an E&O claim or lawsuit should arise. If you have yet to attend any of the seminars presented so far this year, we truly hope you come to one of the remaining three live seminars or the telecast seminar scheduled for June 10.

Statistics have shown that agencies and brokerages that attend our annual seminars experience substantially less E&O claims and lawsuits than agencies and brokerages that don’t attend. The practices and procedures we discuss can help every agency and brokerage, no matter its size, and protect it against E&O claims and lawsuits. Register for IIABNY’s Annual E&O Loss Control Seminars by visiting the IIABNY website at www.IIABNY.Org or calling IIABNY at (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; Fair Lawn, New Jersey; Warwick, Rhode Island and Philadelphia, Pennsylvania.