Summer storm season is upon us in Texas and your agency is probably starting to see a rise in weather-related claims. Now is a good time to revisit some E&O best practices. Here are 7 tips to help you avoid E&O exposures when handling a claim:
- Never confirm or deny the existence of coverage provided by the policy — that is the duty of the insurance carrier.
- Advise the client what to expect during the claims settlement process and any duties they are required to perform.
- Review policy provisions of all policies where coverage may exist, including excess and umbrella policies.
- Report claims to the carrier on the same day they are received.
- Maintain claims handling procedures in the agency internal procedures manual.
- Implement a suspense system to follow-up during the claims settlement process including documentation of each contact with the client and the carrier.
- Follow-up until claims are resolved.
For more information, view IIAT’s Best Practices for Avoiding Hurricane E&O Claims.
Do you have E&O-related questions involving claims handling (or other topics)?
If so, please contact IIAT’s Gunnar Kephart at firstname.lastname@example.org or (800) 880-7428. Gunnar can help you with your E&O and claims-handling questions.