“Make sure you document everything,” including situations where policyholders decline coverage, Goldberg Segalla’s Peter J. Biging told an audience at the Professional Liability Underwriting Society’s virtual annual conference on Tuesday, November 10. He added that it’s important to look at the big picture and not get caught up in a specific policy, but to focus on the entire portfolio. “Most brokers of any size have a document management system of some kind, and often those systems are set up so they can make notes of important communications.”
Peter, co-chair of Goldberg Segalla’s Management and Professional Liability group and a partner based in the firm’s Manhattan office, served as moderator of a panel discussion titled “The Coming Wave of E&O Claims from COVID-19.” Business Insurance covered the event.
During the conference, experts discussed the likelihood of policyholders filing business interruption-related claims against their brokers—a possibility that has been hanging over the insurance brokers E&O market for several months. Peter noted that there is also a host of operational issues to consider, including how brokers have typically hosted insureds in their office, where they can “see them visually sign applications” and accept their premium checks in person. That isn’t happening today, he said, giving rise to a range of risks and challenges to proper documentation.
“There’s all these additional issues that could be rising up as a result of COVID-19,” he said.
“Documentation Crucial in E&O Coverage Suits: Experts,” Business Insurance, November 10, 2020
Peter J. Biging is an accomplished trial and appellate attorney with more than 30 years of experience as a litigator in the state and federal courts of New York. As co-chair of the firm’s nationwide Management and Professional Liability practice group, Peter counsels and defends directors and officers against claims alleging fraud, negligence, and breach of fiduciary duties, and a variety of professionals against claims based on alleged errors and omissions (E&O) in the performance of their professional services. He also regularly litigates labor and employment practices liability claims, commercial disputes, and municipal liability claims premised on alleged civil and constitutional violations.