Article Abstract:
Insurance agents can avoid professional liability for errors and omissions (E&O) in selling disability income insurance policies by observing some steps. The agent must screen prospective clients. The agent must explain the risks to a client with existing disability policy who wants to have better coverage by acquiring a new policy. Accuracy of information included in an insurance application should be assured at all times. The agent should explain to the client the provisions and terms of insurance policies.
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Article Abstract:
Insurers need to be very careful when selecting environmental service consultants to perform site evaluation, due diligence, remediation work or other services. Because the field is relatively new, there is a lack of good accreditation programs for many types of environmental consultants. Furthermore, if a consultant fails to perform adequately, the insurer who hired the consultant can be held liable for any remediation costs caused by the failure of the consultant.
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Article Abstract:
Home insurance companies have made changes in their coverages after realizing that their previous catastrophe models based on the effects of the 1989 Hurricane Hugo were not realistic. The worst-scenario estimate for a hurricane hitting Miami, FL, was $1 billion in losses. However, insurance companies loss $15 billion as a result of Hurricane Andrew. As a result, insurers have specified limitations on some claims to cushion the impact of future disasters.
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