E&O Commercial Property Coverage Gaps & How To Fill Them - Part I (ABEN)

E&O Commercial Property Coverage Gaps & How To Fill Them - Part I (ABEN)

Course #109585 | 3 P&C

This course is Part I of II of this module. As of January 1, 2020, 3 hours is required to be eligible for the 10% Swiss Re/Fireman's Fund premium discount!

Errors and omissions by an insurance producer can be extremely costly and damaging to the producer’s professional reputation. This course is designed to help insurance agents and brokers prevent many types of errors and omissions involving commercial property insurance. The verb prevent is used here in the risk management sense. Loss prevention seeks to reduce the frequency or likelihood of claims. Complete avoidance is impossible. An agent or broker who has handled everything properly, following every guideline within this course, may still be sued for some alleged error or omission. However, the producer who successfully completes this course is less likely to be charged with an error or omission and will probably be better able to defend himself or herself against these allegations.

Chapter 1 sets the stage for a discussion of producer errors and omissions by summarizing agency law and how it affects insurance agents’ and brokers’ duties to both insurers and their clients. The course then deals specifically with some of the more common problems associated with the following:

• Commercial Property Insurance (Chapters 2 & 3) - Part I & II
• Time Element Insurance (Chapter 4) - Part II
• Inland Marine Insurance (Chapter 5) - Part II

Learning Objectives: